Back in 2010, long before ride hailing startup Uber became a tech “unicorn” worth billions, founder and former CEO Travis Kalanick offered billionaire investor Mark Cuban the chance to invest.
He turned it down.
“This is high risk, medium reward,” Cuban wrote in an email to Kalanick in June 2010, which he shared on Twitter on Friday ahead of Uber’s debut on the New York Stock Exchange. “I wouldn’t touch a 2mm valuation, let alone 5mm.”
Now, Uber has priced its IPO at $45 per share, giving it an initial market cap of $75.5 billion, and is set to have the largest initial public offering of 2019— even despite the fact that buzzy tech firms like Slack and Pinterest are expected to go public this year. It’s also expected to be the largest IPO in the tech sector since Facebook went public in 2012.
When sharing the email exchange on Twitter, Cuban wrote that it was his “biggest miss ever” and congratulated Kalanick.
Uber will begin trading on the New York Stock Exchange Friday morning under the ticker UBER . The company’s biggest shareholders include Kalanick, who owns an $8.6% share in the company, co-founder Garrett Camp, who owns a 6% stake in Uber, and current CEO Dara Khosrowshahi, who owns 196,000 shares. Softbank also holds a 16% stake in Uber.