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Morning Report: Uber’s Danish Retreat

Morning Report:聽Uber is leaving Denmark next month after a new law made its service untenable.

It’s a busy morning in tech today, with Tencent , sending in the latter company up, and Facebook , sending in the latter app’s parent company down.

But most noticeable of all is yet another setback for Uber, the most valuable unicorn, and troubled ridesharing giant. Here’s :

Uber says is will pull聽out of Denmark next month, on April 18, after the government agreed [to] a new taxi law that introduces additional requirements such as mandatory fare meters and seat sensors. […]

Uber聽has already faced challenges in Denmark, with its European business indicted in a Danish court last on charges of assisting two drivers of breaking local taxi laws.

Regulators and judges in other European markets have聽also聽.

It was just over a week ago that our own Jason Rowley wrote a of Uber’s recent troubles, covering the quick exit of its president聽over cultural issues, its internal sexual harassment allegations, the removal of an executive for past sexual harassment allegations, its greyball program, the lawsuit filed against it聽by Alphabet’s subsidiary Waymo, and more.

Until recently, Uber was viewed as聽unstoppable around Silicon Valley:聽Surely the wager to expand use of its driver pool to handle other forms of commerce, like deliveries, will bear out. And, of course, the company is moving towards self-driving car technology anyway, so its staggerings short-term losses are immaterial, right? And with unlimited capital at its behest, why sweat it either way?

Uber could still pull off one of the most interesting business stories in decades. But the ridesharing company has lost its sheen of invincibility, and soon enough, it won’t operate its normal service in Denmark.

I raise all of that to ask, perhaps again, how we should value Uber today. Typical聽estimates of its worth vary from the low $60 billions to just around $70 billion. Our unicorn puts the figure at $62.5 billion, fueled by $8.6 billion in equity funding.

Uber is worth something, certainly, but I wonder if that is still the correct number.

Today in the :

Musk launches Neuralink to link computers, brains

  • Apparently running and isn鈥檛 enough for . The tech mogul has reportedly launched a new company called through which computers could merge with human brains. The startup will focus on 鈥渘eural lace鈥 technology, which involves implanting tiny brain electrodes that may one day download thoughts.

Didi weighs $6B SoftBank investment

  • Chinese ride-hailing market leader is considering taking a $6 billion investment backed by Softbank, according to a Bloomberg citing unnamed sources. The investment could potentially dilute other existing backers such as Apple and Tencent.

Early stage SaaS rounds hold steady

  • Early stage investment in software-as-a-service companies has held steady in recent quarters, in advance of a pickup in IPO and acquisition activity this year. Series A and B rounds tagged were essentially flat year-over-year in 2016, according to a . Overall, Series A rounds ticked up slightly while Series B fundings fell a bit.

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