Originally published at: https://boingboing.net/2017/11/28/uberschadenfreude.html
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It may be Christmas come early for some:
Wow, the Lusitania seemed to sink at a weird angle, when you think about it.
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What a great way to piss off their previous investors…
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Speculators.
These things have to happen from time to time otherwise VCs would have even less incentive to be honest.
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They’re probably misstating information to these mooks too.
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The company has 20 days to
respondsurrender.
FTFY
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Given many people feel that valuation is over inflated, it might be a fair price.
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From the standpoint of the raiders there’s no incentive not to. If Uber accepts and crashes, they can buy low and sell a little higher before the cliff. If Uber turns around, they can buy low and sell even higher down the road. If Uber tells them to shove-off, they’ve lost nothing. Lowballing isn’t very nice, but it costs nothing.
The news that Uber’s famously upright and ethical corporate culture had a special, secretive, “Strategic Services Group” that was hidden away from the company at large is the sort of thing that you’d kick out of a Shadowrun campaign for being a bit too melodramatic about the cyberpunk dystopia. I’m assuming that it’s even better than I imagine.
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Evaluating startups is always a noisy measure, and as a unicorn Uber was near the extreme high end. Mathematically you should assume such a valuation is high, because the way you get to an extreme is when the noise is inflating an already genuinely high number.
Then you add the scandals on top of that, and…
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Somebody smarter than I once said “The only number from management that I believe is the one on the dividend check.”
edited to add…Since my understanding is that they have shown neither dividends nor profits, 30% off still sounds wildly overpriced.
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