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Uber scales back IPO ambitions

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Uber has scaled back its initial public offering plans.

The company intends to raise over $10 billion at a valuation of $84 billion.

Previously, The Wall Street Journal reported Uber considered a valuation target of $100 billion.

PayPal separately agreed to buy $500 million worth of Uber's common stock in a private placement that's equal to the price set in the IPO.

Read more from CNN Business.

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