Uber raising money at $40B valuation: Report

Ride-sharing service Uber is raising a new round of financing that would value the company at up to $40 billion, more than double what it was worth earlier this year.

Bloomberg News said Uber would raise at least $1 billion in the new round from a variety of top-shelf investment firms.

The company's last financing round in June valued it at some $17 billion.

At $40 billion, Uber would be larger than many of the companies in the S&P 500.

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