Uber ended its first day of trading lower, but that's because investors don't appreciate what the company can do, a former Uber exec says.
Uber ended its first day of trading lower, but that's because investors aren't fully appreciating what the company can do, former Uber exec Emil Michael told CNBC on Friday.
"What they are missing is the autonomous technology division, which was just valued at $7.5 billion two weeks ago with a $1 billion cash infusion, [and] the equity stakes it has in the other ride-sharing companies around the world," Michael said on"Closing Bell."Michael, who served as Uber's senior vice president of business, left the company in 2017 amid the scandals that also led to CEO Travis Kalanick's resignation. Michael is still a shareholder in the company.
Uber's ride-hailing service is its core business, reaching into 63 countries and more than 700 cities. However, the San Francisco-based company has also diversified into bike and scooter rentals, food delivery and freight. Uber is also developing air taxis and driverless car technology, among other things.
"If you judge it by cash flow too soon, I think that will be doing a disservice to the potential of that business," Michael said."That business has the potential to be as big as ride sharing is and right now it's only a fraction of what that is."
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