Adam Schwab: Is the ride over for Uber?
Despite ride sharing largely returning to pre-pandemic levels and Uber Eats gaining hundreds of millions of users during the pandemic, Uber’s market value has slumped from US$117 billion to US$42 billion.
Has Uber finally jumped the shark? Can CEO Dara Khosrowshahi manage another pivot, or has Uber’s questionable business model and increasing competition finally caught up with it?
While Uber has always had vocal critics, in particular surrounding its treatment of drivers, there was also genuine value created by its network. Uber essentially allowed both riders and drivers to create a reputation (essentially their personal brand) that itself was owned by Uber. Uber was then able to use its own customer relationships from its ubiquitous (but historically barely profitable) ride-share business into what many expected would be a more sustainable Uber Eats business.
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