So yea when billionaires are paying your taxi fair to try and drive the local taxi firms out of business naturally they're everywhere.
But when that cash runs out the necessary price hike could just as easily drive them out of business. It's not like the drivers have any great loyalty.
We really need pro-competition legislation to stop this sort of predatory capitalism.
$5 per hour per driver goes to Uber
Assume 80,000 drivers (half of # U.S. Uber drivers) drive 8 hours a day, 7 days a week
52 weeks in a year
5x8x80000x7x52=$1,164,800,000
So about $1.1 billion just in the US. The only expenses are at headquarters (engineering, operations, design, legal, marketing, support) and the tiny field support offices they have in each city (local, entry-level employees).
That's a non-sequitur
This conclusion refers to the idea of VCs(billionaires) subsidizing rides in order to remove the entrenched player(taxis.) How is that a non-sequitur?
I think the confusion stems from saying pro-competition legislation will prevent competition.