[LordHumungous]

Uber's premise is that it is a mere facilitator of service providers and customers, and therefore it can scale like a tech company and not like some oversized yellow cab with thousands of employees and vehicles on the books.

It's a shell game. Uber may not call it's drivers employees, it may not claim ownership of the vehicles, but those drivers and vehicles represent overhead all the same. At the end of the day, the cars must be maintained. High quality drivers must be recruited and paid. If they aren't, Uber goes out of business.

At this point Uber is looking suspiciously like a large traditional company that provides a taxi service, with a nice app. Maybe a potentially profitable one. But worth $60 billion? Nope.