Larry Ellison Calls Uber ‘Almost Worthless’

The Associated Press
The Associated Press

Oracle CEO and influential Silicon Valley billionaire Larry Ellison is no fan of Uber, reportedly calling the ride-sharing company “almost worthless” at a recent talk.

Ellison was speaking last week to a small group of entrepreneurs in San Francisco, spending more than an hour answering their questions on a variety of topics, according to Barron’s, which was invited to watch.

The billionaire said the business that Uber secures doesn’t necessarily stay with the company, adding that Uber doesn’t own its cars and doesn’t control its drivers.

“They have an app my cat could have written,” Ellison reportedly said. “They have nothing… No technology. And no loyalty.”

Ellison also tore into WeWork, the workspace-sharing company, making fun of WeWork’s claim that it is a technology company.

“WeWork rents a building from me, and breaks it up, and then rents it,” he reportedly said at the event. “They say, ‘We’re a technology company, and we want a tech multiple.’ It’s bizarre.”
Ellison said that both the companies are “almost worthless.”

Uber is currently battling a new California law that would re-classify its gig drivers as employees, potentially entitling them to benefits and other perks.

The company said it would defy the law when it is expected to take effect in January, claiming that its drivers fall outside “outside the usual course of Uber’s business.”

Shares of Uber have tumbled since the company went public in May,  down more than 20 percent in four months.

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