The billionaire entrepreneur Larry Ellison, who cofounded Oracle, didn’t mince words when it came to Uber and its cohort of ultravaluable tech companies
Uber, despite a $57.5 billion market capitalization following its May IPO, is “almost worthless,” Ellison reportedly said, adding that the company didn’t own cars or control its drivers and had an “app my cat could have written.”
Ellison also said Uber’s defensive moat wasn’t big enough to keep out new competitors. Uber, to its credit, has told investors it plans to offer fewer ride discounts to help juice its business and will instead focus on competing against Lyft on the merits of its product.
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