So there is a God, after all

One of the things that cheered me up no end this weekend was the way Uber’s IPO flopped — at least in comparison with the $120B fantasies of the punters who had invested in it on the assumption that it would be the winner-that-took-all in the market for mobility. The assumption of the company was that it wold be valued at $100B at the IPO, but in fact it wound up at $70B. Which means that a significant number of investors are probably left owning shares that are worth less than they paid for them in more recent funding rounds. Since the Saudi royals are among those investors, it couldn’t have happened to nastier people.