> Uber's China business was losing money before (I believe to the tune of about $1bn/year) > I would conjecture that China was never a large part of Uber's val

> Uber's China business was losing money before (I believe to the tune of about $1bn/year) > I would conjecture that China was never a large part of Uber's valuation These two statements are not exactly congruent. Investors in later funding rounds would have expected their investment to be used to grow the valuation. In other words, they were funding the losses in China so they should expect a return.... unless they were just investing in Uber due to FOMO.