Mark Cuban says he's not surprised by Uber's disappointing IPO: 'They waited too long'
"They just waited too long. There's nothing exciting about it," Cuban added. "I don't think you could have expected anything different ... the reality is you're nine years in and you're still having to buy your revenue. That's not a good sign.", which had its own IPO in March. He believes Lyft, like Uber, waited too long – a hesitancy he pinned on Uber's investors.
"I just think we're seeing a reflection of the Silicon Valley ethos in the public market. The whole attitude was wait, wait, wait, wait, wait," Cuban said. Cuban said Uber reflects poorly on the California region's venture capital investors, saying it "suggests they're not very good at valuing companies and it's not a very efficient market when it comes to late-stage companies in evaluating IPO's." In response, he believes a shift in choosing investors will come from CEOs and employees of private companies, who Cuban said "are going to be smarter.
"I think it will impact their hiring abilities first for a lot of unicorns and that will have the greatest impact – more so than how or when they go public," Cuban said.
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