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About That $40 Billion Uber-Valuation: Mapping Where Uber Has Been Banned Around The World

Tyler Durden's picture




 

Just a week after raising capital implying a $40 billion-plus valuation, Uber is coming under significant pressure as their operations are banned in various nations, death threats in others, and some of its drivers were accused of committing crimes against customers and the public. As the following map shows, there is room for growth but increasingly Uber's disruption is being disrupted...

 

Chart: Reuters

*  *  *

From death threats in Greece:

“Thymios Lymberopoulos, the outspoken president of Attica’s taxi federation, on Thursday declared that any cab drivers found to be working with international ridesharing service Uber, which recently extended its operations to Greece, should be “hanged.”

 

“Any cabbies who betray the taxi, like modern-day Judases, for 30 pieces of silver, should be hanged,” Lymberopoulos wrote in comments on his Facebook profile page. “The war has just begun,” he wrote, adding that all taxi owners should keep their eye on drivers renting their vehicles.

Uber's week of woes is continuing with:

Authorities in San Francisco and Los Angeles taking legal action against the internet-based taxi firm. District attorneys in San Francisco and Los Angeles claim Uber made "untrue or misleading representations" regarding the quality of its own background checks on drivers.

It has been banned from operating in New Delhi following the alleged rape by a driver of a female passenger.

Meanwhile, a judge in Madrid has ordered a temporary halt to the service and Thai authorities say the firm lacks proper registration and insurance.

Uber is yet to comment on the latest legal cases against it.
*  *  *

But apart from that - yeah it's worth $40 billion - why not!!!!

 

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Wed, 12/10/2014 - 19:53 | 5538616 johngaltfla
johngaltfla's picture

IF UBER wants to succeed, they need to change the qualifications:

Blonde or redhead, 34c minimum breast size, shaved, driving hot sports cars.

Oh, and topless.

$$$$$$$$$$$$$$$$$$$ ZING $$$$$$$$$$$$$$$$$$ Instant winnah!

Wed, 12/10/2014 - 19:56 | 5538622 Skateboarder
Skateboarder's picture

Uberly overvaluated. Fuck VC-funded SF web/app startups.

Wed, 12/10/2014 - 20:06 | 5538676 kaiserhoff
kaiserhoff's picture

I predicted on these pages, er, bits and bytes, only a week ago that a few accidents and/or crimes would make things much less copacetic for Uber, but there are many other issues, regulatory, political, etc.

The barriers to entry are..., well, none.  If Uber can do this anyone can, so the point is?

Wed, 12/10/2014 - 20:17 | 5538710 philipat
philipat's picture

In Singapore, all Taxis are operated under a Government-sponsored cooperative so it's no surprise that Uber would be banned there.

Wed, 12/10/2014 - 20:36 | 5538761 mvsjcl
mvsjcl's picture

All this means is that Uber isn't yet part of the Red Shield conglomerate of companies. It will be soon.

Wed, 12/10/2014 - 21:17 | 5538852 CH1
CH1's picture

The Free Market - banned by law.

This IS tyranny.

Thu, 12/11/2014 - 03:53 | 5539583 A Nanny Moose
A Nanny Moose's picture

The Law of Men.

Cab Companies are evoking the guns of government to perpetuate their monopolies. Violence is a failure to reason. Cab companies have already lost the debate. Markets have spoken.

I will never take another Cab again.

Thu, 12/11/2014 - 05:26 | 5539622 zhandax
zhandax's picture

+1  It seems the sole purpose of .gov these days is to perpetrate monopolies for the 'contributors'.

Thu, 12/11/2014 - 08:44 | 5539780 Refuse-Resist
Refuse-Resist's picture

In the eyes of this government, the worst crime is un-approved commerce, that is where they don't get their skim.

 

Death sentence delivered summarily oftentimes.

Wed, 12/10/2014 - 21:32 | 5538898 Freddie
Freddie's picture

The gangsters on Sand Hill Road in Menlo Park must be getting desparate if this turd is their next big thing. 

Taxi companies are usually the most politically connected businesses in most cities.   And taxi companies are run and owned like Longshoremen.  They are usually real sleaze who will bust heads and kill people if need be sort of like....ah...the banking industry with fewer nail guns. 

Good luck Uber.

Wed, 12/10/2014 - 21:37 | 5538911 Freddie
Freddie's picture

Dupe post. Sorry.  Brought to you by En Ess Aye spyware on my machine.

Wed, 12/10/2014 - 20:03 | 5538657 ebworthen
ebworthen's picture

I'll trade shaved for swallows.

Wed, 12/10/2014 - 20:04 | 5538663 johngaltfla
johngaltfla's picture

That woudl be the SWuBER service...

Wed, 12/10/2014 - 19:55 | 5538623 Drummond
Drummond's picture

But they ain't done the knowledge. Black cabbies won't have their seventh annual 'oliday this year

Wed, 12/10/2014 - 20:01 | 5538652 ebworthen
ebworthen's picture

Just wait until the lawsuits start for rape and burglary.

Wed, 12/10/2014 - 22:00 | 5538990 neidermeyer
neidermeyer's picture

In Orlando we've all been raped for many decades by the politically connected Mears Transportation ... I wouldn't be surprised if the connected cab companies find women to file charges against Uber and Lyft drivers..

Wed, 12/10/2014 - 20:02 | 5538653 Skateboarder
Skateboarder's picture

p.s. according to the legend, that yellow dot in northern India says rape is a misdemeanor.

Thu, 12/11/2014 - 02:56 | 5539551 Whootie_who
Whootie_who's picture

For balance they should show a map where taxis have been accused of a misdemeanor.. lol, maybe another with accidents and a third for rape.. it happens so often in the taxi industry it is not even news

Wed, 12/10/2014 - 20:03 | 5538654 order66
order66's picture

You know they're doing something right when everyone who benefits from the status quo starts fighting.

(and btw - why the fuck would you commit a crime in a vehicle that is registered with the service and which clearly identifies you)?

Wed, 12/10/2014 - 21:26 | 5538859 CH1
CH1's picture

why the fuck would you commit a crime in a vehicle that is registered with the service and which clearly identifies you?

Precisely. These stories are either overblown or fabrications.

Guvs don't like their cash cows getting away from them. They'll lie, cheat and steal... and even kill (ahem, Eric Garner) to maintain their Thug's Privilege.

Thu, 12/11/2014 - 02:58 | 5539552 Whootie_who
Whootie_who's picture

It is actually  your own car! Not like an anonymous yellow taxi

Wed, 12/10/2014 - 20:03 | 5538656 i_call_you_my_base
i_call_you_my_base's picture

You have to laugh at the niavete. You'll just hire some programmers and unseat the entrenched interests of unions and the government. Good luck.

Wed, 12/10/2014 - 20:03 | 5538660 Bernoulli
Bernoulli's picture

On a totally different subject:

Scot Young, a London investor "fell out" of the window of his 4th floor penthouse and died.

Wed, 12/10/2014 - 20:13 | 5538695 kaiserhoff
kaiserhoff's picture

Only the fourth floor?  Seems like sloppy work.  Might have survived.

Someone opted for the discount, quicky service.

Wed, 12/10/2014 - 20:15 | 5538706 insanelysane
insanelysane's picture

Looks like he landed on the spikes of a cast iron fence.

Wed, 12/10/2014 - 20:20 | 5538723 Bernoulli
Bernoulli's picture

That is correct. Forgot to mention that. My mistake.

Wed, 12/10/2014 - 21:16 | 5538849 layman_please
layman_please's picture

with two bullets to the back of the head. just to make sure the authorities wouldn't mistake it for murder.

Thu, 12/11/2014 - 02:47 | 5539544 Oliver Jones
Oliver Jones's picture

You're SURE they weren't self-inflicted? :)

Wed, 12/10/2014 - 20:06 | 5538670 AvoidingTaxation
AvoidingTaxation's picture

So if a normal taxi cab rapes someone we have to ban cabbies?

 

In the UK Muslims (many paki cabs) raped and groomed for years +1400 white girls.

do we have to ban Muslims and Cabs?
http://www.telegraph.co.uk/news/uknews/crime/11057647/Rotherham-sex-abus...

or for some more color:
http://www.barenakedislam.com/2014/09/13/uk-rotherham-muslim-rape-gang-e...

Wed, 12/10/2014 - 20:59 | 5538817 Fedaykinx
Fedaykinx's picture

fuck whoever downvoted this

Wed, 12/10/2014 - 21:07 | 5538830 The Shape
The Shape's picture

Yeah and the local taxi lobby where I live keeps blabbing about training and skills.

Well the average guy has a license so there's the training and if he doesn't shower for a day he has BO so there's the skills.

Is there anything else?

Wed, 12/10/2014 - 21:39 | 5538922 Freddie
Freddie's picture

Yes I was gonna say "training?"  Maybe they can train them on using deodorant and maybe a few driving lesson plus speaky the english.

Wed, 12/10/2014 - 22:21 | 5539042 are we there yet
are we there yet's picture

There is no culture on earth as depraved of conscience or guilt as all muslem derived cultures. Tribalism, pseudo slavery of women is the norm.

Thu, 12/11/2014 - 13:46 | 5540736 HowdyDoody
HowdyDoody's picture

I think the US takes some beating.

Wed, 12/10/2014 - 20:08 | 5538682 RyeWhiskey
RyeWhiskey's picture

Ponzi

Wed, 12/10/2014 - 20:16 | 5538705 Bumbu Sauce
Bumbu Sauce's picture

A hack's take on Uber.

http://taxicabdepressions.com/?p=1759

In reality, Uber is not a tech company at all, they are a franchise taxi company with a decent phone app that shifts the bulk of their costs and liabilities to the individual drivers. But they SAY that they are a “tech” company, and therefore should not be subject to the any of the laws regulating taxi companies. This is nonsensical at best; the most generous evaluation of their business model is that their phone app replaces the traditional dispatch system, but they are still sending you a car for hire.

When people bring this up in my car, I say, “What if I opened a new, unique concept in dining out, where you use a phone app to place your order, and when you arrive at the restaurant, your food is waiting for you at the table, eliminating the traditional waitress? Since I have eliminated the waitress with my app and there is no tipping, your dinner costs 40% less. But then I tell the local Health Department that I am a “tech” business, not a “restaurant” business, and I should not be subject to their inspections, regulation, or oversight that other restaurants have to undergo… is that OK with you?”

People invariably respond with something like, “Well, no, that isn’t right… an unregulated restaurant could be infested with vermin, or give people food poisoning. You could be cookin’ up cats, or some shit like that… you could kill someone. That is a business that MUST be regulated.”

 

And I reply, “You are correct. I agree, 100 percent. Now, answer me this… how many people died in car crashes in this town last month, and how many people died of food poisoning? Which industry do you think requires more scrupulous regulation?”

Wed, 12/10/2014 - 20:32 | 5538753 ultimate warrior
ultimate warrior's picture

In a free market you wouldn't need regulations and health inspections in restaurants. The restaurant has a vested interest in serving food that doesn't kill its costumers so they continue to come back so the owners make a profit and don't go bankrupt.

The issue with Uber is that the taxi services across the world have so much government regulation and interference that they can not compete. Uber has been allowed to compete on a more of a free market environment and taxi's do not. Taxi's are artificially expensive because of  the government interference in the free market.

Wed, 12/10/2014 - 21:27 | 5538879 heywood2
heywood2's picture

In a free market you wouldn't need regulations and health inspections in restaurants. The restaurant has a vested interest in serving food that doesn't kill its costumers so they continue to come back so the owners make a profit and don't go bankrupt.

 

Obviously the name Upton Sinclair means nothing to you.... The ignorance of Libertarians about history never ceases to amaze me.

Thu, 12/11/2014 - 00:54 | 5539422 malalingua
malalingua's picture

Don't be duped...Sinclair was a socialist.

Thu, 12/11/2014 - 09:34 | 5539885 jon
jon's picture

well this is what his name means to me: "a series of factual mistakes." http://wiki.mises.org/wiki/Meat_packing in other words, ignorance of history. and i'm not even a libertarian! got an axe to grind with them or something?

Fri, 12/12/2014 - 01:36 | 5543169 Buckaroo Banzai
Buckaroo Banzai's picture

Your link is broken. Here is one that works.

http://wiki.mises.org/wiki/Meat_packing

Thu, 12/11/2014 - 09:30 | 5539877 jon
jon's picture

this isn't exactly true. you would still have restauranteur's agreements, and you would still have health inspections, it's just that anywhere you did, they would be voluntary.

you would be free to run a business uninspected, but then you would not have any certifications to separate you from the pack.

in the US the appliances/electronics industries have only one reliable name which does exactly this: Underwriters Laboratory. it existed long before government regulations did. manufacturers send their products to UL specifically so that they can afford insurance that covers product failures. they often have to change their product to meet safety standards. look over some of your appliances and you'll see the stamp.

Wed, 12/10/2014 - 21:22 | 5538867 layman_please
layman_please's picture

bullshit! the taxi drivers are the most arrogant, hence the most dangerous drivers by far. 

Wed, 12/10/2014 - 21:23 | 5538869 CH1
CH1's picture

Fuck the cabbie and fuck regulation!

Wed, 12/10/2014 - 22:53 | 5539150 RyeWhiskey
RyeWhiskey's picture

Yeah and FUCK UBER !

 

Wed, 12/10/2014 - 22:06 | 5539007 are we there yet
are we there yet's picture

Well....even the worst waitress will not threaten to kill other waitresses for tips.

Wed, 12/10/2014 - 22:28 | 5539090 munch
munch's picture

You really want an app or business that takes youre order and forwards it to a restaurant to be subject to health inspections.  What would they inspect, the tempature they keep their servers at so bacteria does not grow on your order?

Wed, 12/10/2014 - 21:22 | 5538868 heywood2
heywood2's picture

Well, I don't know about Uber. But the quote in the article sure explains a lot about why Greece is joining the third world.

 

 

Wed, 12/10/2014 - 21:31 | 5538895 Bunga Bunga
Bunga Bunga's picture

Uber is banned in the biggest German cities too.

Wed, 12/10/2014 - 22:22 | 5539072 munch
munch's picture

I have no doubt some Uber drivers accosted their customers.  How does the rate compair with licensed cab drivers.  I remember reading about the banker stabbed in his driveway over too small a tip/  The taxi and Limo comission in almost every town is designed to grant a monopoly and restricted access to those who buy a madallion 

Service is bad - most of my drivers are talking on a celphone the entire drive in a foreign language.  They never ask about my preference for air conditioning, music etc.  They sneer at my tip.  Bad service high price, mark of a government enforced monopoly.  Drivers talking on even a hands free phone are distracted and hence dangerous.  TLC cares not at all that my driver is distracted when my life is in his hands.  They care less that licensed cabs cost me more.  They care nothing that service is bad the cars junk and dangerous (last yello cab I was in I could small exhaust fumes and wondered if the driver would pass out from CO2

 

Uber Uber drivers have better cars, are considerate, never tal;k on the phone ask about air conditioning and music cost less.  Lets outlaw that

Thu, 12/11/2014 - 08:58 | 5539802 RyeWhiskey
RyeWhiskey's picture

There are thousands of local car services there.
Just use them.

Wed, 12/10/2014 - 22:36 | 5539107 SmittyinLA
SmittyinLA's picture

Uber is "free market" and anywhere Socialists can kill it they will, taxi franchises are a major source of local political graft, they are essentially local monopolies.

Uber eats their lunch and cuts out the political scumbags dippping their beaks. In many cases Uber drivers earn lots more than cabbies and the local mafia cut is zero, they hate that.

Trust me even Rudy Guiliani "got a cut" of the taxi franchise political donation pool. 

 

 

Wed, 12/10/2014 - 23:00 | 5539170 RyeWhiskey
RyeWhiskey's picture

So "free market" means one single multi-billion dollar Silicon Valley corporation ?

The 40 BILLION dollar valuation is absurd, monopoly lover boy.

Thu, 12/11/2014 - 01:41 | 5539489 SmittyinLA
SmittyinLA's picture

There's nothing precluding you or anybody else from copying Ubers business model, yes the 40B valuation is ridiculous, and there is no monopoly for Uber, I'm sure they have competition opening up daily and I'm sure they're trying to kill competition like the cab franchises too, Uber is still free market.

Thu, 12/11/2014 - 05:54 | 5539641 The Most Intere...
The Most Interesting Frog in the World's picture

So if i go open up a food establishment and do not comply with any local laws or requirements that is free market.  If i hang out shingle to be a doctor with no license and follow no requirements to be a doctor that is free market.  I start a law practice withour being a lawyer that is free market.  If i create drugs and bypass the fda that is free market.  Got it thanks!

Thu, 12/11/2014 - 00:50 | 5539420 besnook
besnook's picture

don't fuck with cab drivers. lol!

i know a little about this business. there is good reason most .gov authorities require drivers to have a permit to hack.  you want your driver's finger print or dna on record.

there are three major fixed expenses for a taxi driver. most pay a daily or weekly fllat rate or a percentage of the book. for an independent owner/operator you have to carry a 1million dollar liability policy. it may be more now. you have to pay for dispatch. dispatch is the central phone number that takes the calls for a cab , then dispatches a cab. some places need dispatch to find work some don't. you still pay for the radio or computer or meter or whatever else they want to charge you for. the big expense is the permit. most are leased to drivers.

owner/operators have to pay for maintenance on the car with regular .gov inspections to make sure.

uber charges for dispatch(what hteir driver's pay them) what a lot of cabbies pay for a .gov approved ride. uber scalps their drivers. traditionally a finder's fee for a fare was 10%.

Thu, 12/11/2014 - 01:29 | 5539475 Leraconteur
Leraconteur's picture

On one hand we have another magical internet IPO that will save the world, save users billions, and make a few insiders rich. It will also siphon local revenues via ride sharing into a foreign country and remove that transportation income to SFO.

On the other hand you have taxicab drivers, who in all nations, cultures and continents tend to be scam artist, thug unionist, liar, criminal, grifter scum who should all be lined up and shot.

Thu, 12/11/2014 - 02:23 | 5539524 Buster Cherry
Buster Cherry's picture

So IVE BEEN PAYING OUT THE WAZOO AT THE PUMP ALL THESE YEARS TO ARTIFICALLY FLOAT THE ECONOMY?

 

how could i be so gullible......shoulda walked.

Thu, 12/11/2014 - 06:05 | 5539648 Leraconteur
Leraconteur's picture

Even if they ban Uber in some cities, the free market comparison will doom all cab companies globally.

What bothers me is that Uber is a USA SFO company that is attempting to make a local service - taxicabs - an international one that they are competing for, and thus much of the local revenue for taxicabs will be sent to SFO and then on to Ireland for tax scrubbing.

This is internationalising local services. It looks like Avatar or Blade Runner, but not as cool and just as dire.

This will take local revenue and send it to SFO.

Imagine going to any city in the world and GlobalTech is your only choice for a taxi in any city - you don't think that once they crush competition rates won't go up?

Thu, 12/11/2014 - 06:15 | 5539656 GFORCE
GFORCE's picture

This is part of the wider trend where technology is eating everyone's lunch. Think Amazon with its 15,000 robots manning the black friday warehouse. Walmart with self-service checkouts. The centralization of services into behemoth organizations isn't ideal. If the supply chain of large supermarkets was shut down, there would be chaos.

 http://otdon.blogspot.co.uk/

 

Thu, 12/11/2014 - 09:02 | 5539804 RyeWhiskey
RyeWhiskey's picture

An iPhone app that eats you alive. No, thanks.

Thu, 12/11/2014 - 14:19 | 5540840 Irisk
Irisk's picture

Certainly not the only thing that the graphic points out..   Wondering what the statistics for the largest cab companies and car service companies are for the crime incidents that Uber drivers are being investigated for.  Otherwise it's a bit sensationalist....

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