>> Uber has filed paperwork for an initial public offering, according to three people with knowledge of the matter, a key milestone to one of the most closely watched and controversial companies in Silicon Valley. The ride hailing company filed the confidential paperwork on Thursday, one of the sources said, on the very say day it's smaller US rival Lyft filed for it's IPO.
The simultaneous filings extend the protracted battle between Uber and Lyft, which as fierce rivals have often rolled out identical services and matched each other's prices. Sources say Uber is eager to beat Lyft to Wall Street. The IPO will be a test of investor tolerance for Uber's legal and workplace controversies, which embroiled the company for most of last year.
And on Chief Executive, Dara Khosrowshahi, progress in turning around the company at the resignation of co-founder Travis Kalanick. Its filing also sets the stage for one of the biggest technology listings ever. Uber's evaluation in its most recent private financing was $76 billion, and it could be worth $120 billion in an IPO.