⚡ Get All Content for 20% Off ⚡

Uber Speeds Past Facebook as Quickest to $50 Billion Value Level Uber reached an important milestone in valuation three years before Facebook.

By Ray Hennessey

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

Uber | Facebook

Uber just closed a new round of funding that will value the company at more than $50 billion, according to The Wall Street Journal.

The newspaper says that Uber raised close to $1 billion in the round, which brings the total amount of equity financing the company has raised to more than $5 billion.

Previously, Facebook had been the only venture-backed private company to sport a $50 billion valuation. But it took Facebook a good deal longer to hit that level: eight years, compared with Uber's five.

Facebook, which subsequently went public, is now worth just over $260 billion.

The Journal says investors in this latest round include Microsoft and Bennett, Coleman, and Company Ltd., the flagship brand of India media conglomerate The Times Group.

The Indian investment is timely. Uber has set aside $1 billion specifically to boost its business in India over the next nine months.

The latest funding round comes a week after Uber prevailed in a public fight over growth in New York City. New York Mayor Bill de Blasio had tried to limit the number of cars Uber could manage in the city, but he backed down, following pressure from business groups, citizens and high-profile celebrities and entrepreneurs.

Related: New York City Caves on Plan to Cap Uber Drivers

Ray Hennessey

Former Editorial Director at Entrepreneur Media

Ray Hennessey is the former editorial director of Entrepreneur.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

The Remote Side Hustle a 43-Year-Old Musician Works on for 1 Hour a Day Earns Nearly $3,000 a Month: 'All From the Comfort of Home'

Sam Ziegler wanted to supplement his income as a professional drummer — then his tech skills and desire to help people came together.

Marketing

Ever Wonder Why Certain Websites Rank Higher Than Yours? This SEO Expert Reveals The Secret to Dominating Search Results

It's often the smart use of SEO, now supercharged with AI, particularly in keyword optimization.

Leadership

Former Interrogator Shares 5 Behaviors Liars Exhibit and How to Handle Them

Five deceptive behaviors to look for and how to respond to those behaviors when you encounter them.

Business Ideas

55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

AI Is Impacting Jobs. Here Are the Gigs Affected the Most, According to an Analysis of 5 Million Upwork Postings

The researcher said in the report that freelance jobs were analyzed first because that market will likely see AI's immediate impact.