It's not unlike the Enron model. Uber is supported entirely by the collective opinion that they're a SV unicorn and the most ruthlessly profitable thing around.

It's not unlike the Enron model. Uber is supported entirely by the collective opinion that they're a SV unicorn and the most ruthlessly profitable thing around. If a vote of no confidence is issued by the Uber management team being fired, the valuation would collapse because it would be an admission that ultimate ruthlessness/evil/whatever you want to call it, does not automatically become ultimate profitability and capital return. Of course the VCs have to double down. They have no choice but to conclude that Uber's behavior is a model for future business everywhere. It doesn't matter if it's an absurd conclusion: capital is literally at stake. Uber's valuation can only go up or burst. Everybody invested in it strongly prefer the 'go up' option.