Lyft and Uber said they will cease operations in Minneapolis after the city’s council voted Thursday to override a mayoral veto and require that ride-hailing services increase driver wages to the equivalent of the local minimum wage of $15.57 an hour.
Lyft called the ordinance “deeply flawed,” saying in a statement that it supports a minimum earning standard for drivers but not the one passed by the council.
How the fuck is Lyft still a company?
They don’t deliver food, how did they survive the pandemic?
How many dumb billionaire venture capitalists put way too many eggs in that basket?
Something tells me that would be an easy stock to short.
I know a lot of people who simply just use both Uber and Lyft; and refer to them both as “Uber”.
Yeah. And “dumb venture capitalists” describes Uber more than Lyft. They’re way more overextended.
Food delivery? You want to compete against GrubHub, Doordash, Postmates, and local restaurant delivery drivers? It’s a losing business.
Having two options means you get to compare prices. Most drivers work for both anyways. Also, I don’t use Uber for anything other than car rides.
Uh-oh for Uber
It’s lost 80% of its value in the past few years. I think you’ve maybe missed the boat on shorting.