What has made Uber a good deal for users makes it a lousy investment proposition. The notion that Uber, the most highly valued private company in the world, is a textbook “bezzle” — John Kenneth Galbraith’s coinage for an investment swindle where the losses have yet to be recognized — is likely to come as a surprise to its many satisfied customers. … Uber’s new CEO Dara Khosrowshahi effectively admitted that Uber isn’t profitable in any market when you factor in corporate overheads.

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