Lyft Is Trying To Beat Uber To The IPO Punch
Word just got out that Uber is trying to go public at a $120B valuation. But it looks like Lyft is trying to beat its arch-rival to the punch!
The Wall Street Journal just reported today that Lyft picked a dream team banking squad led by JPMorgan Chase to lead its IPO, scheduled for early ’19.
Lyft’s banking on a market cap well above $15.1B, the valuation it scored in its latest private funding round in June so investors can hit their ROI targets.
And yes, Uber will be worth around 10x that but it would be a major score for Lyft to beat its ride-hailing foe to the public markets.
Ah, the IPOs!
Just like 1980’s Hulkamania, IPOs have been running wild in 2018.
VCs are getting their 10x, investors get in on the action, and founders get stinky rich. Oh yeah, baby. And even though most of them are unprofitable, they’re still scoring massive market valuations.
So when is this gonna go down?
As of now, Uber’s worth $70B. They’ve said all along they’ve planned to pop the public markets in the second half of 2019.
But according to the WSJ report, they could speed up their schedule and go live on the public markets as early as next year. Apparently Uber received valuation proposals last month from a Wall Street goon squad of their own in Goldman Sachs and Morgan Stanley.
This is often the final stage before a company officially hires a bank to underwrite its offering. As expected, Lyft and Uber both declined to comment.
Why are they fighting to go first again?
Well, there’s no sophisticated reason behind other than the obvious. Even though it’s worth less, Lyft wants to offer ride-sharing stocks first before a competitor gets to satisfy market demand for the hot industry.
Here’s a thing to watch. Lyft is US and almost car-only. Although it’s making its play with its direct-to-user micromobility play with bikes and electric scooters.
Uber, on the other hand, is worldwide, operating in 600 cities in 78 countries. Uber’s even teaming up with taxis around the world and ish.
(Editor’s note: Watch out for tomorrow’s lead story on that!)
UberEats > Lyft
Another factor to consider. Uber’s UberEats—their fast-growing food delivery service—alone (rumored at $20B) could be worth more than Lyft as a whole.
Here’s the kicker: Morgan Stanley and Goldman Sachs’ valuation targets reportedly come from Uber’s non-rides businesses. In other words, Uber’s valuation doesn’t even come from its core business.
Let that sink in for a second.
Should Lyft beat Uber to the punch, that obviously is a huge win. Despite its smaller business, when it comes to hitching a paid ride, US app users look at Uber, then look at Lyft.
On the other hand, should Uber pull off the IPO first—especially in light of this news—going public would mark a huge symbolic victory for CEO Dara Khosrowshahi who took the reigns last summer on the heels of #MeToo scandals and a mass executive exodus.
How Big Real Estate Moguls Avoid Taxes (And How You Can, Too) 👀
I was looking around Google for an old article on tax strategies and this five-year old video of myself happened to pop up.
I’m interviewing a tax expert about how real estate investors avoid paying taxes in perpetuity—AND how everyday citizens can do the same thing.
(Real estate—our TEMPLE I and TEMPLE II projects included—has a number of tax benefits savvy investors have capitalized on for years, including Opportunity Zone breaks and 10-year tax abatements.)
There’s the 1031 exchange, of course, which I’ve shared with you guys before.
Just to refresh your memory, the 1031 Exchange allows you to roll over gains from your last project into a new property TAX FREE—as long as said property is worth the same or more.
But there’s ANOTHER TAX LOOPHOLE that can take your portfolio to an entirely new level by splitting your capital gains into MULTIPLE properties.
So I thought I’d share it with you guys. 💎
You can check it out here.
Let me know what you think. 😎
PS: In our next update, I’m going to break down how real estate moguls get paid from their properties…tax free. 👀
PPS: If you want to learn how to implement generational wealth strategies like this one, you can join our NYCE wealth academy (TRIBE U) here.
How I run a $300M+ business from the beach…(and how you can TOO!)
Yes, you read that right.
If there’s anything the pandemic taught us, it’s that the paradigm of “office” and “workspace” has been shaken to its CORE.
Universities are teaching via Zoom, court dates are done virtually, FULLY REMOTE businesses are valued at $1B+, and legitimate Inc. 5000 startups are run from…wherever. 📲
This is my office for the day…
I am actually running our business from the beach, typing this from here.
It’s 4:28 pm CET, which means it’s 10:28 am EST and I am CRUSHING my to-do list.
(And the team will continue to crush it while I’m asleep. That’s the 🗝)
So how did we get here?
We launched NYCE and our mission to create 100,000 millionaires in March, 2020…just as the global COVID-19 lockdown happened. 😳
As a result, we shut down our main office and set EVERYTHING up to run remotely…
SMOOTHLY! And a system that allows us to outperform competition by 200%. (You can build this system, too. More on this in a second.)
Here’s what we were able to do since then:
- Gained 6M+ followers across all platforms 📈
- Add 1500+ new apartments to the portfolio 🤑
- Grow to $300M in real estate 🚀
- 105% investor returns 🎉
- 700K+ community members 🤝
And here’s the best part…
Having team members in all the main time zones gives us a 24-hour work cycle vs. 9-5/eight-hour on-the-clock performance.
This means we get 3x the productivity of a similar company. 🔥
Let me repeat that…3x PRODUCTIVITY vs. our competitors.
Meanwhile our project management software grants us 24-hour TEAM-WIDE connectivity that tracks all tasks and lets us know if productivity dips even a little bit.
There is ALWAYS someone senior awake. It could be Martin in Barcelona…Nat in New York…Vineet & Arif in New Delhi.
All the while giving YOU GUYS wealth hacks and daily content. 🔥
OK, so how can you do it?!
Well, the first step is to have an actual side hustle you’re launching. Not just an idea, a validated business.
MAJOR KEY: Do NOT spend money until you’ve made your FIRST DOLLAR! 🗝🗝🗝🗝
(You can catch a replay Business Launch masterclass here and see TRIBE member Nessa launched her business on the spot and got her first $45K client shortly after.)
One of the easiest ways to start is with Airbnb—you can start that in 10 minutes. Literally. (Here’s a guide if you need it.)
Once you have your business, you build a virtual infrastructure (you really just need two softwares, which are FREE), manage the team accordingly and run the business from there.
I’m gonna put together a step-by-step video breakdown this weekend inside the new TRIBE U on the FIVE key things you need to do this for YOURSELF. 💵 💎
From what software to use, how to build a team, how to keep.
In the meantime, drop a comment if you’re ready to build some wealth and any questions if you want more…
Let’s get to work. 🙌
PS: If you can’t be bothered with video and just wanna get to work, we’re hosting a TRIBE U workshop that will help you get this process started on the spot. It’s $479 $49. 🔥
NYCE CEO: Apps Like Robinhood Have A Responsibility To Their Young Investors
Investor and popular Instagram influencer Philip Michael says new fintechs need to take greater responsibility for their younger traders.
“Promoting financial literacy is a must, but encouraging risky gambling is reckless,” Philip Michael, NYCE CEO, says.
In 2020, a 20-year-old Robinhood trader killed himself after engaging in risky options trading and seeing his balance $730,000 in the red, leading to a wrongful death lawsuit against the investment app.
“The main apps onboard as many new users as humanly possible, but there’s really no educational process,” Michael says, “and these first-time investors are left to figure things out on their own.”
NYCE—a fintech focused on creating wealth for minorities—wants to create 100,000 millionaires through real estate investments and wealth education.
Through its app, investors can own shares in apartment complexes for as little as $100.
Since launching, NYCE has set records for most new first-time BIPOC real estate owners, buying over 1500 apartments in the pandemic and splitting ownership with its investor crowd.
Once investors are in, NYCE automatically enrolls investors in an online wealth academy (TRIBE) that teaches basic wealth principles, responsible investing and how to spot irregular fads like altcoins and meme stocks.
“Becoming a millionaire is a function of time and habit, not luck and one-time scores,” Michael says. “The micro-investments are really just the gateway drug to that wealth mindset.”
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