Uber is down 27% from its IPO. Not as bad as one may assume, given the hard data coming from its filings and, of course, the news coverage. Lyft is down 58%. A

Uber is down 27% from its IPO. Not as bad as one may assume, given the hard data coming from its filings and, of course, the news coverage. Lyft is down 58%. At the troughs, Uber was down 48% and Lyft 72%. This moment --the layoffs and departure-- feels like a capitulation of the private equity valuations. We shouldn't feel good about people losing. But many have been shouting about how insane the blitzscale model is. Maybe it achieves it purposes for early investors -- that peak moment of IPO liquidation. But it certainly is no good for the employees and their morale for carrying on.