June 22, 2017

Uber a ‘Ponzi’ scheme that will be bankrupt in decade claims fund manager



screen shot of Uber application showing on Asus Zenfone 2 mobile phone
Copyright: kasinv / 123RF Stock Photo

Hamish Douglass, CEO, CIO and Lead Portfolio Manager of the Magellan Financial Group with more than $37 billion under management gives Uber less than a one percent chance of survival in the next ten years. Uber to sell China business to taxi app rival Didi “It’s constantly losing money, and its capital-raising strategy is a Ponzi scheme,” said the Australian investor at the annual Stockbrokers and Financial Advisers Conference in Sydney, as quoted by Business Insider.

“When I look at Uber … I think of it as one of the most stupid investments in history. The probability of this business going bankrupt in a decade is 99 percent,” Douglas said.

“All they (Uber) do is keep increasing their private market valuation, and someone always says, I’ll put some money up, because next time they raise, it’ll be  […]

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The News for the Gig Economy Staff is constantly searching the web for the latest news regarding freelancing and gig platforms to bring them to you in one handy place. All articles with this generic author have been sourced with the original location at the bottom of the piece. We encourage our readers to view the original source of all excerpts. NGE is a project of ARC Online, LLC.

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