Saudi Arabia Invested $3.5 Billion Into Uber Today

[KILL KILL]

Today, Saudi Arabia invested $3.5 billion into Uber.

Although this is just a small drop in the bucket, as Uber was valued at $62.5 billion last year, it will give the managing director of Saudi Arabia's investment fund, Yasir Al Rumayyan, a seat on Uber's board.

Uber, which has viewed the Middle East as an important area in its expansion, said the investment further aligned the company with Saudi Arabia as the kingdom planned to transform its economy, reducing its dependence on oil and improving employment.

The investment from Saudi Arabia is one of the biggest single investments collected by the technology world’s top privately held companies. Uber, whose valuation makes it Silicon Valley’s most valuable private business, has collected billions at a rapid clip over the last three years.

http://www.nytimes.com/2016/06/02/technology/uber-investment-saudi-arabia.html

Also in the article, it mentions that in Snapchat's most recent investment round, they picked up a new investor in the Alibaba Group of China last month.

It seems that a lot of foreign entities have been investing in US startups lately.

I think most of us agree that Saudi Arabia sucks, and I hate to see them making money off me every time I get an Uber home from the bar. I'm curious to see if Uber will take flack from the general public, specifically women's rights groups, because they're partnering with a country that has a shitty history of human rights and don't even allow women to drive.

 

[TheStruggle]

Today, Saudi Arabia invested $3.5 billion into Uber.

Although this is just a small drop in the bucket, as Uber was valued at $62.5 billion last year, it will give the managing director of Saudi Arabia's investment fund, Yasir Al Rumayyan, a seat on Uber's board.


http://www.nytimes.com/2016/06/02/technology/uber-investment-saudi-arabia.html

Also in the article, it mentions that in Snapchat's most recent investment round, they picked up a new investor in the Alibaba Group of China last month.

It seems that a lot of foreign entities have been investing in US startups lately.

I think most of us agree that Saudi Arabia sucks, and I hate to see them making money off me every time I get an Uber home from the bar. I'm curious to see if Uber will take flack from the general public, specifically women's rights groups, because they're partnering with a country that has a shitty history of human rights and don't even allow women to drive.

If Obama and Clinton don't why would Uber get shit?


#Lyft

 

[Islam Imamate]

I think most of us agree that Saudi Arabia sucks, and I hate to see them making money off me every time I get an Uber home from the bar. I'm curious to see if Uber will take flack from the general public, specifically women's rights groups, because they're partnering with a country that has a shitty history of human rights and don't even allow women to drive.

Well maybe that's why they're investing in Uber, to help bring it over so women can get around.

Joking of course, they would never let women out of the house without a male escort.

 

[Krallang]

Honestly Uber is a shitty example of a company using US laws to steal from the average worker.

Uber drivers should be considered employees and not contractors, fuck a uber.

 

[SRN]

I'm deleting the app. Thanks Saudi Arabia!

 

[KILL KILL]

Well maybe that's why they're investing in Uber, to help bring it over so women can get around.

Joking of course, they would never let women out of the house without a male escort.

Actually, the article mentioned that Uber would be joining Saudi Arabia's 2030 Plan, which is meant to help double the amount of women in the workforce by 2030. Apparently, 80% of Uber's clients in Saudi Arabia are female, so expansion may help more women travel to and from work with ease.

 

[KILL KILL]

Honestly Uber is a shitty example of a company using US laws to steal from the average worker.

Uber drivers should be considered employees and not contractors, fuck a uber.

Except they're not. They fall under the umbrella as a freelancer. They collect a 1099. It's innovation that cab companies wish they thought of first, but didn't.

 

[Islam Imamate]

Actually, the article mentioned that Uber would be joining Saudi Arabia's 2030 Plan, which is meant to help double the amount of women in the workforce by 2030. Apparently, 80% of Uber's clients in Saudi Arabia are female, so expansion may help more women travel to and from work with ease.

Technology and innovation is even helping women work around archaic gender apartheid, how neat.

 

[ncordless]

Except they're not. They fall under the umbrella as a freelancer. They collect a 1099. It's innovation that cab companies wish they thought of first, but didn't.

1099 isn't the final word if someone is an employee or independent contractor. I nail employers all the time who think they are safe because of a 1099. And cabs have been doing forever too.

 

[Krallang]

Except they're not. They fall under the umbrella as a freelancer. They collect a 1099. It's innovation that cab companies wish they thought of first, but didn't.

Yes I understand that, I for one think its a bullshit way for uber to reap the benefits of having a global presence but not the liability of having actual employees.

Ubers success in court only paves the way for more and more companies to have "independent contractors"

 

[snakedafunky]

Not sure I would invest that amount of cash into a company that might became obsolete in the near future. What is Uber going to do when we have self driving cars?
Considering that people still invest in Uber, do they have a plan for that? Or do people think it will take to long time for self-driving cars to become available?

 

[KILL KILL]

Yes I understand that, I for one think its a bullshit way for uber to reap the benefits of having a global presence but not the liability of having actual employees.

Ubers success in court only paves the way for more and more companies to have "independent contractors"

There is no other way.

Uber drivers work where they want, when they want (or not at all), and their only ties to the company are through an app. They're doing it right. If cabbies are losing out, they should go work for Uber.

 

[KILL KILL]

Not sure I would invest that amount of cash into a company that might became obsolete in the near future. What is Uber going to do when we have self driving cars?
Considering that people still invest in Uber, do they have a plan for that? Or do people think it will take to long time for self-driving cars to become available?

I think they're very safe. Uber has a ton of room for growth and self driving cars are decades away (if not more) from becoming the norm.

 

[Michaelangelo]

boycott über imo

 

[KILL KILL]

boycott über imo

I may just switch to Lyft. I've never used them, but I think they're pretty much the same.

 

[Rod1]

Not sure I would invest that amount of cash into a company that might became obsolete in the near future. What is Uber going to do when we have self driving cars?
Considering that people still invest in Uber, do they have a plan for that? Or do people think it will take to long time for self-driving cars to become available?

Invest in politicians to stop self-driving cars through excessive regulation?

 

[NelmarksGhost]

I'm sure some of you have seen this map. The most common job in each state. Puts the economic impact of self driving vehicles in perspective. Likely a guaranteed minimum income would become necessary.

 

[grimballer]

Today, Saudi Arabia invested $3.5 billion into Uber.

Although this is just a small drop in the bucket, as Uber was valued at $62.5 billion last year, it will give the managing director of Saudi Arabia's investment fund, Yasir Al Rumayyan, a seat on Uber's board.


http://www.nytimes.com/2016/06/02/technology/uber-investment-saudi-arabia.html

Also in the article, it mentions that in Snapchat's most recent investment round, they picked up a new investor in the Alibaba Group of China last month.

It seems that a lot of foreign entities have been investing in US startups lately.

I think most of us agree that Saudi Arabia sucks, and I hate to see them making money off me every time I get an Uber home from the bar. I'm curious to see if Uber will take flack from the general public, specifically women's rights groups, because they're partnering with a country that has a shitty history of human rights and don't even allow women to drive.

Get a cab

Problem solved

 

[KILL KILL]

Get a cab

Problem solved

screw that. I'd rather use Lyft. If not, I'd still pick Uber over a cab any day since I live in the suburbs.

 

[grimballer]

screw that. I'd rather use Lyft. If not, I'd still pick Uber over a cab any day since I live in the suburbs.

What's the issue? Price?