By Chloe Aiello
"Shark Tank" investor Daymond John is betting big on ride-hailing.
The millionaire entrepreneur told Cheddar Monday he's planning to invest in Uber after its IPO ー largely because his own life would be disrupted if the taxi cab disruptor went under.
"If Uber or Lyft went away, my life would be disrupted ... I think it's been around for quite some time and I think they're just going to expand globally and I like it," John said.
Uber filed to go public with the Securities Exchange Commission last week. The company's filing indicates it could begin trading as soon as the first quarter. Its announcement coincided with the efforts of rival Lyft, which said it filed its IPO paperwork on Thursday. Both of the planned debuts are expected to be among the largest in 2019.
The Wall Street Journal first reported Uber received proposals from Wall Street banks, valuing the company as much as $120 billion. Lyft's valuation is expected to top $15 billion when it debuts. John, who easily admitted he "is more of an Uber guy" said Uber's valuation is justified, in part because of the company's past and planned acquisitions.
Uber has been considering a possible acquisition of either Lime or Bird, the leaders in the growing e-scooter rental market.
Although John is looking forward to investing in Uber, he said he'll likely wait a while to invest after the company debuts on the public market.
"I'm going to let it go out for a little while and I think the market is going to set back 2,000 points and I'm going to pick it up on the short sale," he said.
John also told said he is partnering with Mattel to give one aspiring entrepreneur $50,0001. It's part of a contest to accompany Mattel's new game, "Silicon Valley Startups," which pits "entrepreneurs" against each other to pitch ideas to "investors." John said the game helps foster important skills, like creativity and pitching, for example.
"It lets you start thinking about it and it gets you to zone in on thinking fast, coming up with creative ideas and being able to pitch on the fly, which is all important. You never know when you might run into somebody like myself or Mark Cuban in the elevator ー and you better come up with something quick," he said.
Interested entrepreneurs have until Dec. 20 to submit their ideas on Siliconvalleystartupscontest.com.
John said no idea is too "bad" or too crazy.
"Believe it or not, some of the worst ideas have become the best things," he said.
For full interview click here.