Uber lost $1.27 billion in the first half of 2016, according to Bloomberg, which on the surface seems like a lot of money. Okay, not just on the surface. It is a lot of money. But this is Uber we’re talking about! The most valuable startup in the world, most recently valued at $62.5 billion. So $1.27 billion in losses probably isn’t a big deal, right?
Well, yes and no. The context is certainly important. Bloomberg notes that the majority of Uber’s losses stem from the massive amounts of subsidies the company gives to its drivers. Most of those drivers operate in China, where up until recently Uber was locked in an insanely expensive battle with t...
Also read: Who's in charge of outer space?