Oct 28, 2021: The Information’s Creator Economy Summit

Traders on the floor of the New York Stock Exchange. Photo by Bloomberg
The Briefing

Uber Finally Hits $90 Billion Market Cap; The Information’s Tech Briefing

Photo: Traders on the floor of the New York Stock Exchange. Photo by Bloomberg

Most major tech stocks rallied with the rest of the stock market on Tuesday, as the Dow Jones Industrial Average passed the 30,000 mark for the first time. Some tech stocks hit highs nearly as symbolic as the Dow’s closing level. Uber, for instance, rose 2.4% to $51.26, its highest price ever and putting its market capitalization at $90 billion. That was the top end of its expected IPO valuation range in the spring of last year, before the actual IPO sent it lower. Good things come to those who wait.

Investors are enthusiastic on the private tech side as well. That was particularly evident on Tuesday in a Bloomberg report that e-commerce payments firm Stripe was in talks to raise money at a valuation at least double its current valuation of $36 billion and possibly as high as $100 billion. That would make Stripe the second most valuable private tech firm in the world, behind only TikTok owner Bytedance.

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