PayPal puts paid to Über having worth

Who is John Galt?

Well-Known Member
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technology
PayPal Writes Down $228 Million on Investments After Uber Sinks
By Julie Verhage
October 9, 2019, 7:30 AM GMT+10:30

PayPal Holdings Inc. will report a $228 million loss on investments before taxes in the third quarter, driven in large part by a bad bet on Uber Technologies Inc. just before it went public.


The San Jose, California-based payments company said the investment in Uber, for $500 million at the initial public offering price, had declined 34%. Another investment, in Latin American online retailer MercadoLibre Inc., had declined 10%, PayPal said.


PayPal’s stake in the world’s largest ride-hailing business was tied to what the companies described as a closer collaboration on payments technology. Uber is the most prominent app to use PayPal’s nascent Pay With Venmo feature. But Uber’s stock has under-performed due to a combination of slowing growth and accelerated losses.


In an email, a PayPal spokeswoman cited the “inherent difficulty” in predicting the stock market for the mismatch between its previous forecast and the reality. The company will report financial results on Oct. 23.

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At the time of writing, Uber's share price at $29.28 continues its inexorable pursuit of terminal value.

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Drivincrazy

Well-Known Member
I think Terminal = Horizontal = Zero.
4,000,000 drivers hope so. Think you did anything wrong, Uber? Screw your drivers = screw yourself. Bless Your Heart and Have a Wonderful Day.
 
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