Nostr

One person Uber has *never* fooled is #HubertHoran, a transportation analyst with decades of experience who's had Uber's number since the very start, and who has done yeoman service puncturing every one of these financial "disclosures," methodically sifting through the pile of shit to prove that there is no pony hiding in it.

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Cory Doctorow 2y ago

In 2021, Horan showed how Uber had burned through nearly all of its cash reserves, signaling an end to its subsidy for drivers and rides, which would also inevitably end the bezzle:

https://pluralistic.net/2021/08/10/unter/#bezzle-no-more

In mid, 2022, Horan showed how the "profit" Uber trumpeted came from selling off failed companies it had acquired to other dying rideshare companies, which paid in their own grossly inflated stock:

https://pluralistic.net/2022/08/05/a-lousy-taxi/#a-giant-asterisk

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Cory Doctorow 2y ago

At the end of 2022, Horan showed how Uber invented a made-up, nonstandard metric, called "#EBITDAProfitability," which allowed them to lose *billions* and still declare themselves to be profitable, a lie that would have been obvious if they'd reported their earnings using #GenerallyAcceptedAccountingPrinciples (#GAAP):

https://pluralistic.net/2022/02/11/bezzlers-gonna-bezzle/#gryft

Like clockwork, Uber just announced - again - that it is profitable, and once again, the press has credulously repeated the claim.

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