Thread by @parismarx

Uber went public at $45 a share. Instead of experiencing a short-term bump like Lyft, it immediately fell and hasn't recovered.

Lyft went public at $72. It's at $51.50.

Uber's been public for less than a day and it's already down 6%.

Let's review why. #UberIPO

Uber is a wildly unprofitable company, losing billions every year it remains in operation. It has failed to show a path to profitability. Under Kalanick, it was accepted they would automate drivers within a few years, but when the hype bubble burst, there was no alternative.

Uber's self-driving program, which its S-1 said it only keeps around because competitors keep investing in the tech, is wildly underperforming. It's no longer a focus, and is likely only still around to have plenty of bets to show potential investors. medium.com/radical-urbani…

Instead, new CEO Dara Khosrowshahi's big bet is on Uber's platform as it attempts to replicate an Amazon-like platform monopoly in the transportation space. However, it's unclear this will ever be possible as the market is so different. medium.com/s/story/ubers-…

As part of its diversification, Uber is throwing everything at the wall to seem impressive to investors. It's pushing a flying-car initiative that's only necessary because of how it's made congestion worse, and will only serve rich people. medium.com/radical-urbani…

Uber also launched a microbus service in Cairo late last year, but it largely mirrors the path of existing or future metro lines. It's unclear how it's of much benefit to anyone, providing a more comfortable ride to those who can pay in well-served areas. medium.com/radical-urbani…

Careem, the dominant Middle Eastern ride-hailing service, also has a bus service. Uber announced it's buying Careem ahead of #UberIPO, but it's far from clear that the merger will even go ahead, as Egyptian regulators warned they wouldn't approve it. medium.com/radical-urbani…

After a long period of claiming that ride-hail provides last-mile connection to public transit, Uber finally admitted in its public filing that it sees all transit as competition that it plans to replace. But Uber simply isn't competitive with transit. medium.com/radical-urbani…

It's undeniable that Uber has had a massive impact on urban transportation, but for the vast majority of urban commuters that impact has been negative. Uber has made transit worse and increased congestion to serve customers who are richer than average. nbcnews.com/think/opinion/…

At some point, Uber's VC funding will run out and it will have to hike prices. Drivers indicate that's already starting to happen in some cities across the United States, and it will surely happen in the Middle East if Uber is able to monopolize the region.

#UberIPO is a perfect time for regulators to come to terms with Uber's negative impact on cities & workers, and—at minimum—enforce stricter regulations to ensure workers are paid fairly, vehicle numbers are capped, data is shared, and Uber adheres to safety & accessibility rules.