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They are talking about the owner of the whole cab company making 75k.
by JohnJamesRambo 5y ago
They are talking about the owner of the whole cab company making 75k.
- prepend 5y agoNo, I don’t think so. That’s earnings for a single medallion. Cab companies might own hundreds if not thousands of medallions. For example, a single private equity firm owns about 4,000 New York medallions [0]. Most medallions are owned in pools by private firms. [0] https://www.ny1.com/nyc/all-boroughs/news/2021/04/01/private-equity-firm-is-the-city-s-biggest-taxi-medallion-player https://www.ny1.com/nyc/all-boroughs/news/2021/04/01/private...
- michaelt 5y agoMedallions sound like a truly bizarre and unfair system. And if Uber operated exclusively in New York, we could accept they had a profitable-sounding business model: bypassing that system. But given that Uber has expanded into many other cities and countries, 99% of which don't have medallions, it's pretty clear that merely bypassing the medallion system isn't their business model.