I have never seen a story on Yahoo finance based on such a small trade. Have you?
My point is that it is yet another bizarre example of painting the news negative.
Beware of purchased media.
This is a tiny amount of securities and it is quite likely the buyer and the seller are the same entity.
The shorts are up to their eyeballs in lies.
In the past week uber lost it's car finance partner Santander. No reason was given but obviously they must not have been getting paid. Why else would they walk away from a stream of loans with crazy high interest rates?
Makes you wonder, if uber cars is not worth lending to at 20% interest rate maybe they are not the brilliant business the shorts claim.
Uber promised to provide ride data in the 'deal' to avoid the cap. This is the same type of data they refused to provide in California and NYC. Obviously the data show uber does NOT provide even service to black and Hispanic neighborhoods -and lots of other failures justifying regulation.
Don't be surprised when uber refuses to provide the complete data required because it will make their lies so much more expensive. The cap could be back on the table soon and the votes are there to pass it.
uber is spending more on lobbyists and lawyers than any company in the country. They are getting shut down in many parts of the world. Regulation is inevitable and with it goes the pipe dream of uber being worth $50B.
uber can not afford to subsidize cheap service anymore.
Even if I didn't care about the cap I would want to see it pass just because it would be a huge embarrassment for NY to have it's politicians bow to an obnoxious corporation threatening them. NYC is no third world country!
Lyft CEO just on CNBC. Real softball interview -likely paid for. Completely sidestepped the two major issues that were pitched for hours before the interview -independent contractor and NYC limit on 'rideshare' cars clogging streets. Lyft CEO is way more savvy than uber.
Interesting how many issues were NOT discussed -Lyft said that it is critical that cars be available in 3 min THIS IS A CLEAR VIOLATION OF THE STREET HAIL LAW REQUIRING A MEDALLION. The other pathetic reporting oversite is that they acted like Lyft was significant competition to uber -when the fact is lyft is insignificant and both are making crazy losses attempting to become monopolies! The biz plan of both is clear -undercut regulated industry using money raised with horrendous equity issuance -then use monopoly to screw riders and drivers when there is no alternative.
I just read that 2 of the 3 uber offices in NYC refused to provide ride info to the TLC and were fined and shut down. I don't know but I figure that the office that complied only handled black cars and obey's regulations. I figure the uber taxi guys refuse to provide info because it documents their illegal activity. I see no news of lyft refusing to provide data so they must have complied.
In other news uber is attacking the NYC mayor in it's apps. This is pretty amazing. No mater how arrogant and obnoxious you thought uber is they just topped it! Uber thinks politicians need to fear it!! The french had it right -haul the uber execs to jail!!!!
DB replied to a second post of mine that included a link -to an estimate of driver expenses, a rather well done white paper by the same author. Every time I post anything like a link yahoo deletes the post. IT'S YAHOO'S FAULT.
When my post was deleted DB's went with it.
The new NYCTLC regulations on uber and the like also require uber to provide ride data on ALL RIDES. I wonder if it also will request data on rides rejected if it has not already and I wonder if uber will defy NYCTLC too.
I just read an uber internal study that said uber drivers are far more white and far less black and Latino than legal taxi and limo drivers. That could be embarrassing if uber drivers reject ethnic neighborhoods.
The more I read the more impressed I am with this guy's analysis.
The DC article is OP/ED but this guy sure looks like he knows. If he is right about the likely legal results uber is toast in NYC. At best uber will become a low margin service to legal taxis and black cars.
There is an article today in 'the daily caller' titled 'big taxi defeats uber in nyc'. It's opinion and it is biased against the regulated taxi industry but it is a very complete list of reasons why there is no reason to fear a big decline in medallion values. I strongly suggest everyone search it out and read it -verify the data points and consider investing in TAXI. In short there are half a dozen legal actions underway and each one has the potential to destroy uber's cost advantages in NYC before they ever even turn a profit. This fact must be disclosed to investors which will likely result in a down round at best, a funding cutoff at worst.
Despite the fact that his opinion is to lament the defeat of an attempt to deregulate by force his points are all valid and support my thesis that uber will be revealed as corruption incarnate. Taxis are regulated for a reason, uber is not a technology, it's organized crime (against law abiding taxis).
The significance of this is that uber is directly defying regulation by withholding information. This does not end with a fine. It BEGINS WITH A FINE! This same data that uber is justifying an insane $50B valuation with is being denied to regulatory agencies. There are many reasons taxis are regulated. The regulators do not require data to regulate and #$%$ them off by withholding is just an obvious attempt to stall while they try to fleece more investors!
What the regulator suspect is true -uber is an unworthy replacement for regulated taxis and they should enforce the law rather than look the other way.
Some quotes would be appreciated by those of us without WSJ subscriptions.
I have not read this but as I have said many times before on this thread -Ubers contracts are CLEARLY written to counter all labor laws and there is loads of precedence that says that basic rights cannot be violated by getting someone to sign a contract. Uber spinmeisters keep portraying this as some big political violation of their right to do business but EVERY POLITICIAN recognizes the abuse of workers as a severe problem and these hard fought labor rights laws are not going to be simply circumvented by contract.
Ubers contract is "unconscionable and therefore unenforceable".
The only big taxi cartel in the world is uber -and they are breaking every law and bribing every politician in cities around the world!
Well Hillary did a lousy job compared to Russel B. But it is very significant that she is taking up the issue. It may prove wise on her part to wait for the uber spinmeisters to fight back before she gets too detailed.
There is a big question coming -Uber's spinmeisters are all ex democrat political operatives. The corruption she will expose is more in her party. I sure hope that Republicans don't take to opposite side of the issue because it is a big loser -they would be defending a big corrupt monopoly that breaks all laws and pays no taxes.
How corrupt and stupid is the media when Russel Brand is the one exposing the abuse and corruption of uber?
Pretty surprising how sensible his dialog is.
Whatever they made before they are making less today because as uber cars clog the streets traffic slows so the miles they charge for go down, down, down.... The reason taxis charge by minute are to avoid this problem.
The city needs to cut the number of uber cars clogging the street but even if they don't uber is self limiting.
The abuse of workers by categorizing them as "independent contractors" is shameless. All the labor laws and protections put in place are all circumvented by contract.
I am not a fan but I give her credit for including it as a significant labor/economy issue. I am sure uber is deploying millions of dollars of spin-masters and paid press as she speaks. I hope she gives them both barrels when they do -detailing all the taxes, regulations, and expenses they are evading -an lying about in recruiting.
Yet another fee on legal taxi system. I hope everyone puts their payment in escrow and SUES the TLC for breach of contract -the TLC must NOT be paid until they enforce the rights they are charging for!!!!!
The license to operate a business in a city that uses city resources is the prerogative of the city. Why should uber profit at the cities expense? If anyone should profit from the rules it is the city!
Uber is being banned all over the globe. It can be done. It is being done. NYC is just a matter of time.