ELLISON: UBER worthless; ‘App a cat could have written’

  • Larry Ellison is said to be far less bullish than Wall Street when it comes to Uber.
  • The Oracle founder trashed Uber’s business model at a private San Francisco event this week, according to Barron’s.
  • “They have nothing,” he reportedly said of the ride-hailing giant. “No technology. And no loyalty.”
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The billionaire entrepreneur Larry Ellison, who cofounded Oracle, didn’t mince words when it came to Uber and its cohort of ultravaluable tech companies, according to a new report in Barron’s.

The financial magazine reported Friday that the 75-year-old hosted a small cohort of entrepreneurs at his home in a posh neighborhood of San Francisco, where he spent an hour answering questions about topics as varied as the gig economy, WeWork, and Tesla.

Uber, despite a $57.5 billion market capitalization following its May IPO, is “almost worthless,” Ellison reportedly said, adding that the company didn’t own cars or control its drivers and had an “app my cat could have written.”

www.businessinsider.com/larry-ellison-says-uber-wework-are-almost-worthless-barrons-2019-9