Uber and lyft are trainwrecks as well. They IPO’d a business that burns money without any hope for profit. We are just witnessing the slow bursting of the current bubble and people are waking up to basic economics again.

It seems to me that Uber's endgame goal is to replace drivers with a reliable, matured self-driving technology. If and when that happens, they can purge their massive fleet of drivers thereby eliminating their largest overhead cost.

Unfortunately there is no realistic way their money will stretch that far into the future.

and also gain an enormous new overhead cost in having to actually own the cars.

Yeah, it's crazy. It's like Softbank's team wasn't even running basic financial models. And once Wall St wouldn't touch it, Softbank never really even made a counterargument in favor of its valuation. It seems like they cut a $10 billion check just based on emotion, but that is just hard to believe. And the bankers on the IPO must have known that it was going to be DOA and took the business anyway just to grab some fees.