The app is not technically daunting and does not create a competitive barrier, as witnessed by the fact that many other players have copied it. It bears almost no resemblance to internet superstars it claims to emulate.

Uber is a taxi company with an app attached. Investors are pinning their hopes on a successful IPO, which means finding greater fools in sufficient numbers. Uber has never presented a case as to why it will ever be profitable, let alone earn an adequate return on capital. The story was written prior to the IPO, but it still applies.

Read this New York Magazine analysis of Uber’s business model and why it is flawed. You might be thinking, “Yeah, but all those big tech companies burn a bunch of cash to get big quickly, so Uber will turn a profit pretty soon.” Not so much, pal. Last quarter, after its IPO generated some big expenses, the company lost $5.23 billion.

Pretty cool, right? That’s almost as many jobs as Toyota promised Plano when it relocated. The Morning News broke the story after getting a look at a briefing for Dallas County commissioners. Big news! Uber is going to bring 3,000 jobs to an office in the Epic, in Deep Ellum.

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