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Yaaay, we did something before Uber for once! - Lyft

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AngieKM169
102 Rider
 Posted 1 month ago

Yaaay, we did something before Uber for once! - Lyft

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    RedANT
    947 Rider Driver
     1 month ago  (edited 1 month ago)

    Yeah, they did it alright...

    In three weeks of trading, their stock price fell from 78.29 to 58.36  (approx 25% loss)

    They're also the first to be sued by investors for overstating market share and causing huge losses for IPO investors.  (But allowed their startup investors to walk away with a profit)  

    Lyft played a good PR game to convince the public that they were the friendlier alternative to Uber, when, in reality, they were worse.  

    These rideshare companies are doomed to fail unless they can turn things around and actually turn a profit.  The only way that that will ever happen is for them to raise their prices and stop taking advantage of drivers.  Self driving cars are but an unobtainable dream, (at least in our lifetimes) and the cost of those self driving programs is exactly whats preventing these companies from becoming profitable.  

    If Uber and Lyft simply focused on RIDESHARE, they'd be fine, but their insistence on diversifying in...

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    Yeah, they did it alright...

    In three weeks of trading, their stock price fell from 78.29 to 58.36  (approx 25% loss)

    They're also the first to be sued by investors for overstating market share and causing huge losses for IPO investors.  (But allowed their startup investors to walk away with a profit)  

    Lyft played a good PR game to convince the public that they were the friendlier alternative to Uber, when, in reality, they were worse.  

    These rideshare companies are doomed to fail unless they can turn things around and actually turn a profit.  The only way that that will ever happen is for them to raise their prices and stop taking advantage of drivers.  Self driving cars are but an unobtainable dream, (at least in our lifetimes) and the cost of those self driving programs is exactly whats preventing these companies from becoming profitable.  

    If Uber and Lyft simply focused on RIDESHARE, they'd be fine, but their insistence on diversifying into a dozen other fields while using rideshare as a piggy bank to fund it all is why they bleed money.  Buying bicycle companies for a BILLION dollars is just one example of why they are in financial straits.  

    Uber and Lyft also need to retain good drivers by paying realistic, living wages. There is still a flood of drivers signing up, but when you hemorrhage 30% of your drivers every quarter, the cost of replacement skyrockets and the well of drivers will dry up.  If drivers pay for their own vehicles, pay for maintenance, pay for the gas, (which is near $4 /gal) pay for the insurance, eat the depreciation of the vehicles and do all of the labor while the rideshare companies "tweak" their apps, how do Uber and lyft justify taking up to 65% of fares?  

    Further, if these companies charge customers Surge/PrimeTime during busy times to offset the shortage of drivers, WHY DO THEY POCKET 90% of the surge/PrimeTime fees?  Supply and demand says that you use the money to attract more drivers, not to line corporate pockets.

    Once Ubers startup investors recover their billions in losses, cash out and walk away after IPO, they'll transfer control of the rideshare money pit to new investors and walk away laughing.  Only then will the ugly face of this industry be seen by the greater public. 

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