Why Uber Missed Its $120 Billion Valuation
The valuation was pitched by bankers at Morgan Stanley and Goldman Sachs ahead of its initial public offering.
The company ultimately listed with a $75.5 billion market cap.
The Times reports institutional investors, many who privately owned Uber stock, didn't want to buy more shares at the higher price.
Uber had taken more than $10 billion from institutional investors and private-equity firms.