I don't dispute that they have a market cap above zero and therefore are a 'valuable' company. But ultimately that "value" comes from a bunch of people making guesses about future cash flows.
Suppose that the unit economics for Uber do not work out, especially in a recession with high borrowing costs. It would not take long for that "value" to become zero.
Suppose that the unit economics for Uber do not work out, especially in a recession with high borrowing costs. It would not take long for that "value" to become zero.