In its 2010 seed round, Uber raised $1.6m according to Pitchbook, giving it a $5.4m valuation. On Friday, it closed its first day of trading publicly with a valuation of around $70bn. That was significantly below the $100bn valuation the company had recently hoped to achieve, but it still meant early investors were able to cash in on huge returns.
But he was wary. Having lived in London for many years previously, he said he knew how strong the taxi lobbies were. In Los Angeles, he knew that everyone had their own cars and never took cabs. This was clearly going to be a niche, local service for certain cities only, he thought.
Neumann took control of 65 percent of WeWork’s voting equity as part of a 2014 funding deal—while celebrating, he partied so hard he broke a floor-to-ceiling window in his office, according to a person familiar with the incident—and since then, he’s been known to make company-level decisions on what look, from the outside, like whims. When WeWork sold bonds for the first time a year ago, it originally planned to sell $500 million worth, but the final number was $702 million, because 702 was deemed a lucky number, a source familiar with the matter says. Neumann referred a question on the number to his general counsel, who declined to comment. It’s unclear what strategic value WeWork’s investment in an indoor wave pool company offered, but Neumann does love to surf.