David McWilliams: Grand Canal Dock and a story of manic speculation
Stockmarket speculators may have Uber–extended themselves – and not for the first time
Tech insiders are said to be “disappointed” at Uber’s valuation of $65bn for a taxi firm with few assets, that has no immediate prospect of making a profit, and burns through $2bn of shareholders’ money a year. Photograph: Getty Images
Last week Uber, the taxi-sharing app, floated on the New York stock exchange. As a result the company is now worth just over $65 billion.
We are entering the 11th year of a bull market, and because success tends to breed a disregard for the possibility of failure, investors expressed “disappointment” at the shares’ performance in the first few days of trading.