The High Cost of Uber’s Small Profit

Paris Marx:

After being unable to turn a profit for well over a decade, Uber seems to have finally gotten there. But it didn’t do it by building a sustainable business that benefits all its stakeholders. To get to this point, it fired thousands of workers, hiked the prices for its millions of customers, and further turned the screws on the people most important to its business: the drivers and delivery workers. They need to suffer so investors can get a $7 billion share buyback and a maybe even a dividend.

Uber only seems to work financially if it behaves less like an aspirational tech company and more like a logistics broker flexing its leverage.