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Uber becomes modern art

Summary:
Back in September 2016, we cited a BCA report which questioned Uber’s .5bn valuation, arguing its model was neither innovative or viable. Unfortunately, the report didn’t really register with the great and the good who have money to burn. Ahead of Uber’s IPO in May, a valuation of as much a 0bn was being thrown about by some enthusiastic bankers. Fast forward to August 8, and Uber has truly beaten even the most extravagant of money-burning expectations.Here’s the Q2 results table, possibly in need of framing: The quarterly net loss, which hit .2bn vs 8m a year ago and included .9bn in stock-based compensation expenses related to the IPO, was spectacular in its own right. (On an adjusted basis the EBITDA loss came in at 6m, which marks an improvement on Q1.) But the thing

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Back in September 2016, we

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