Uber switches filing that lists transit as a competitor
By Matt McFarland, CNN Business, Apr 26, 2019
Uber updated its S-1 filing on Friday ahead of its IPO and largely eliminated references to competing with public transportation. The move follows criticism from public transit experts detailed in a CNN Business article on the broader impacts of the strategy. When Uber initially released the regulatory filing on April 11, the document identified public transportation as competition to its business and said Uber’s growth will depend in part on how it goes up against it.
The language was a shift from how Uber had talked publicly for years about being a complement to public transit. Uber described public transportation as part of its total addressable market, a term it defined as what it can tackle over the long term. Public transportation experts told CNN Business that such a business strategy, if successful, would lead to gridlock in many cities.
Uber changed its tune in an updated S-1, which also revealed pricing for its initial public offering of between $44 and $50 a share. Direct references to competing with public transportation disappeared in many places throughout the 300-page plus document.
Uber declined to comment.
Uber wants to compete with public transit. These experts are horrified
By Matt McFarland, CNN Business Thu April 25, 2019