Uber Under Fire As Ride-Hailing Firm's Valuation FallsRupert Hargreaves
Uber was supposed to disrupt the existing, entrenched taxi industry in countries around the world and redefine ridesharing, benefiting both customers and the environment with lower costs and fewer trips travel via the ride-hailing revolution.
From the start, Uber's business model was based on achieving market dominance. The company massively subsidized (and still does) customers' rides to make its offering seem more appealing than those of other providers. In theory, when Uber achieved scale and had put the rest of the market out of business, the company would be able to raise prices and generate a profit.
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