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Uber is a scam. It is never intended to make a profit. EXCEPT for the guys in management, who are soaking the fool investors and non-businessmen drivers alike,
by simonblack 4y ago
Uber is a scam.
It is never intended to make a profit. EXCEPT for the guys in management, who are soaking the fool investors and non-businessmen drivers alike, while they laugh all the way to the bank. It's a business-model straight out of the dot.com bubble of the late 1990s.
If the investors wised up, and the drivers wised up. Uber would evaporate away like the morning mist. And the Uber management guys might actually have to go out and get a REAL job.
Is the ride over for Uber? Uber never ever had a real ride to start with.
- labrador 4y agoThe dirty little secret is that drivers depreciated the value of their car more than the money they get for it. They are taking money out of the value of their car and calling it income. Uber knows this and doesn't mention it.
- simonblack 4y agoI was talking to an Uber driver this morning. I asked him if he was paid while waiting for a job. "No" he said. That means that Uber is getting free hours from all the drivers who are 'on duty' but not actually driving. Uber also takes 27.5% of the fare. That other 72.5% has to pay for all wages, taxes, insurances and car expenses first before there is any 'profit' at all. As I said above, Uber relies on their drivers not having any 'business smarts'. If the drivers went through all the arithmetic involved in costs, wages, taxes, non-business hour loadings, return on investment figures, etc, etc, etc they would find they are subsidising the Uber management, rather than being paid properly.