LOL at Uber investors

Discussion in 'Politics, Religion, Social Issues' started by Chew Toy McCoy, Jun 8, 2017.

  1. Chew Toy McCoy macrumors regular

    Chew Toy McCoy

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    May 13, 2016
    #1
    Has to be the worst tech company out there with the way it treats its employees and drivers. Founded by a certifiable psychopath who works illegally and uses mob tactics. Former Uber employees have problems finding new jobs because its believed if they fit well in Uber’s “A$$hole culture” then they are probably somebody you don’t want to work with.

    Biggest VC startup investment to date with something like $7 billion, and yet they lose hundreds of millions to a billion dollars a year. One analyst said it would take the biggest financial adjustment in world history just to get them to cut even.

    So what are investors going to do, continue to throw billions at this poster child for everything that is wrong with capitalism and startup tech in general? I have zero sympathy. They’ve created everything that is wrong with Silicon Valley. A blood bath needs to come followed by some sanity and maturity in what is invested in and how it's managed.
     
  2. tgara macrumors 6502a

    tgara

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    #2
    Simple. Investors will want to protect their investment and show the offending management the door. Nothing wrong with Uber's underlying concept or their technology. The problem is that the company is run and managed by the wrong people getting way too much bad press.
     
  3. jkcerda macrumors 6502a

    jkcerda

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    #3
    quit when it got bad, not sure why many stay given the crappy service from Uber if you need any help.
     
  4. Chew Toy McCoy thread starter macrumors regular

    Chew Toy McCoy

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    #4

    There is a problem with their concept. They are running unregulated, screwing their drivers, there's close to zero screening/it can be easily gamed, and they are undercutting competition just for the goal of putting competition out of business. Their rates would be a lot closer to taxi rates if they were running responsibly and ethically. The tech is good but if rates rose people wouldn’t be as enamored with it.
     
  5. MacNut macrumors Core

    MacNut

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    #5
    They let you drive. Weren't your passengers concerned that a 12 year old boy was driving them around. :D
     
  6. unlinked macrumors 6502a

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    #6
    It is a company built on ignoring rules and laws. Not a shocker it might have a dodgy company culture.
     
  7. jkcerda macrumors 6502a

    jkcerda

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    #7
    I used a booster chair :D
     
  8. MacNut macrumors Core

    MacNut

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    #8
    The problem is the taxi industry is behind technology. People would love the taxi business to adopt the uber style.
     
  9. unlinked macrumors 6502a

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    #9
    The Uber style is its “A$$hole culture”. Taxis should adopt Hailo style but maybe with a little extra something since they ended up getting bought out. The problem is you need sane taxi regulation for it to work. Years ago I read New York had the same number of taxis as Dublin but 8 times as many people. Tech can't fix that.
     
  10. MacNut macrumors Core

    MacNut

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    #10
    If I want a taxi, I should be able to use an app on my phone to hail one to my location and be able to pay with my phone.
     
  11. jkcerda macrumors 6502a

    jkcerda

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    #11
  12. tgara macrumors 6502a

    tgara

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    #12
    You're conflating the underlying business model with management and execution of that model. You have to analyze each of those separately. Lyft is a competitor running essentially the same type of business as Uber, and they don't have the problems with management that Uber does, at least as far as I am aware.
     
  13. rhett7660, Jun 8, 2017
    Last edited: Jun 8, 2017

    rhett7660 macrumors G4

    rhett7660

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    #13
    I haven't used a taxi since Uber and now Lyft came out, and given the past history of the track record I have had with them, even if they were on my phone, I don't know if I would use them. The local taxi's around me do not answer their phones, when they do, that is a big when, they usually do not have anyone for an extended period of time. I have setup an appointment to have them pick me up for the airport. No show.
    --- Post Merged, Jun 8, 2017 ---
    Agreed, I haven't heard anything about Lyft's management in the news. Not a peep. For all we know they could be just as bad, but don't know it. I have used both services and like both of them. However I have noticed that Lyft is picking up steam as I am seeing more and more drivers when I log on for pickups. On Saturday, there were about 15 or so Lyft drivers compared to four Uber's.
     
  14. MacNut macrumors Core

    MacNut

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    #14
    This is why the taxi companies hate these ride services. They want to be the only game in town to be able to overcharge for crap service.
     
  15. unlinked macrumors 6502a

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    #15
    We have had that in Dublin for 5 years. Useful for more suburban places where there aren't as many taxis floating around. I work in a (unrelated) fairly regulated environment and it is a shame when regulators don't try to do good regulation.
     
  16. rhett7660 macrumors G4

    rhett7660

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    #16
    Heck I have been using Uber more and more in places like Las Vegas and New York. Much better service and I know up front how much I am going to be charged. I can't tell you how many times "it felt" and they did drive up my rate by taking a street or two that could have been avoided. Not saying all, but I know some have and I have called them on it. Crap services is the appropriate description and I have a feeling this is one of the biggest reasons they are slowly being pushed out.

    Uber is killing themselves with the news headlines and crappy management practices.
     
  17. tgara macrumors 6502a

    tgara

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    #17
    Yep, I use Uber quite a bit when I am in DC for business. I've had nothing but good experiences from all the drivers, but as a company, they are not doing themselves any favors with all the bad press. Clean house and get new management.
     
  18. webbuzz macrumors 65816

    webbuzz

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    #18
    That and in major cities like New York and Chicago, ride services don't have to pay hundreds of thousands for a medallion.

    edit: Just looked. Chicago and NYC medallion values are 1/6 and 1/5 from four years ago. Still ridiculous.
     
  19. ActionableMango macrumors G3

    ActionableMango

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    #19
    You left out Uber's massive theft of IP from Google.
    http://nymag.com/selectall/2017/03/googles-lawsuit-against-uber-could-destroy-uber.html
     
  20. Chew Toy McCoy thread starter macrumors regular

    Chew Toy McCoy

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    #20
    Some of you guys aren’t getting it because you like the service. This goes beyond crap management attitude. They are operating at a huge loss and underpaying their drivers, not to mention the huge safety risks they are claiming are not their problem. To fix those things (if even possible) rates will have to go up and will probably be on par with taxis. Lyft may have a better management attitude, but they are pretty much on par with Uber financially but on a lower scale based on the popularity difference.


    Personally I think taxi companies need to quit whining and be competitive with technology and some kind of customer service standard. They’ve fallen asleep at the wheel. Best use of that pun ever.
     
  21. tgara macrumors 6502a

    tgara

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    #21
    No, I don't think you're getting it because you don't understand business and dislike the service. Lots of companies operate a loss, even big companies like Amazon and Twitter. Investors understand this and look at other factors when evaluating a company. Underpaying their drivers is subjective. Nobody is forcing those drivers to work for that salary; they can go elsewhere if they want. I've asked a lot of Uber drivers about this exact issue, and they say they like the flexible hours. They work when they want. As for the safety risks, that is a management problem and a government regulatory problem. The latter will be addressed as these types of services proliferate and the government implements regulations about it. Whether rates will have to go up to address any or all of these problems remains to be seen.


    Yep, excellent!
     
  22. ActionableMango macrumors G3

    ActionableMango

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    #22
    All of your points are on spot except profitability. As much as I dislike Uber management, operating at a huge loss is perfectly normal for a "growth" company.

    For example, I worked at a cellphone company in the early days before nationwide coverage. If we had profit left over, the investors would be hounding us, asking why we hadn't spent it to grow the company to additional cities for more customers. The metrics that the investors are looking at for a growth stock are number of cities, number of customers, number of towers, etc.

    Uber is in the same position. Firstly, they are trying to grow to new countries and new cities to capture market share and become the established rideshare company. Secondly, when we get to the point of driverless cars, Uber is out of business with their current model. So they also have to be investing in R&D for autonomous driving in order to get ahead of the game and be ready for when that day comes.

    Amazon is another great example. They were not profitable for decades, because they kept expanding into new markets all over the world, building fulfillment centers to increase quality and speed service, and expanding the company's scope. Had they stopped R&D and expansion they could have been profitable much earlier, but that's short term thinking. Their plan wasn't to make a profit early by being an online book seller. There plan is to conquer the retail world and become the one place to shop for everything on the Internet.

    In all three of these cases, leftover money would be a sign of failure to execute and inability to grow quickly enough.
     
  23. HEK Suspended

    HEK

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    Sep 24, 2013
    #23
    People that use it, deserve it. Use at your own risk. Personally wouldn't use it, but for sure carry concealed if I did. People want cheap price and then complain when service is also cheap. Between insurance, gas, maintenance, and living wage you can't expect a premium ride when paying peanuts. Wonder how many riders willing to live with under minimum wage, no benefits from their job.
     
  24. Chew Toy McCoy thread starter macrumors regular

    Chew Toy McCoy

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    #24

    But they have a nice app!!


    Uber drivers are basically the Walmart employee of the sharing economy, complete with still needing food stamps to survive.
     
  25. HEK Suspended

    HEK

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    Sep 24, 2013
    #25
    Exactly so.
    The app is wonderful, but apps don't drive you anywhere. They are a small part of a taxi/chauffeur delivery system.

    Consider if we had a doctor app, it could summon health care assistance quickly, where ever you might need it. Would be great app. Course if the person showing up is untrained, unlicensed, did not have any medical training, barely spoke the language, been up for 20 plus hours, and had this job as a last resort to starving, wouldn't you want to be treated by them? But It is a great app.
     

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