That sucks. I know a few people who work for Uber in their spare time.
What a cowardly way to lay off people. Same reason I dislike Ivar’s here in Seattle. That coward laid off staff at the Waterfront walk up with a note pinned to the employee’s bulletin board; read while checking in. Sent home.
The IPO price for Uber stock was $45.00 per share.
The current price of Uber stock is $31.71 per share.
Anyone who bought at the IPO price is severely under water.
I remember some analysts have said that Uber is not a viable long term business, and that accounts for why its stock had consistently slid down so much from the IPO.
I wonder if the virus crisis is just magnifying problems with the Uber business model?
I expected Uber to fold...and Lyft too.
I texted this to my son. He replied, “Oh, wow. I guess they’ll be cutting back on their $400,000/yr. senior engineer positions”.
Never used Uber’s services. On a recent visit to our local dealership service department, I dropped my wife’s car off for service. I was asked if they could give me a ride home using Uber. I declined. The service manager got a porter to give me a ride, instead. :-)
I read that the long term business model was the “driver-less” vehicle.
Interesting article. Interesting comments. Like the fashion industry where customers today can buy the best clothes cheaply, thanks to sweat shops, the taxi industry is where customers today can buy the best lift services cheaply, thanks to gullible drivers. The optimal situation is to use one’s own car, scooter or bicycle.
Creative destruction?
At least they aren’t putting many miles on their cars.
And gas is pretty cheap.
I worked at an ISP called Earthlink. In 2003 the ceo came out and held large group meetings and told us the place was closing down. I remember he was flanked by large body guards....
I also sat next to the actor Edgar Buchanan’s son at the time.