Microsoft reportedly investing in Uber at a $50 billion valuation
See the original posting on The Verge
If it seems like Uber is working on another new round of funding, that is because Uber is always working on another new round of funding. Bloomberg and The Wall Street Journal are reporting that the company has closed a new investment which values it at $50 million, and also includes Microsoft as a backer. The round gave Uber another $1 billion, putting its total funding at $5 billion.
Uber’s endless appetite for cash is driven by its equally ambitious plans for expansion. It is currently active in over 50 countries and 300 cities around the globe. It is hiring drivers and adding cars at a rapid pace in all these territories, while also spending considerable amounts on political lobbying and legal battles with regulators.