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> That's an interesting definition of "made"... assumes the concept of liquidity has no meaning.

Thats interesting definition of "literally traded a bunch of shares to underwriters in exchange for $8,100,000,000 and let the underwriters worry about liquidity on the stock exchanges"

Uber has dollars for the shares they sold. Liquidity is not a concern for the party of the transaction I talked about.

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...aaaand, Uber (meaning, the owners of Uber pre-IPO) has less ownership in the business afterwards.

Sure, you can argue that the $8.1B is something "real" that the owners of Uber have more of, afterwards.

But you also have to acknowledge that the business of running Uber is also something "real" that the owners of Uber have less of, afterwards, having traded it in a heavily-scrutinized auction.

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