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They said the same thing about Groupon and somehow they're managing to keep their heads above water.

I haven't seen them in the news at all in the last year or so.

Groupon went public, and their stock went from $26/share to $4. If the same thing happens to Uber in a down round, that's pretty much the definition of collapse.

Without saying whether I think such a thing is likely, Uber compensates significantly with stock, and they cannot retain talent if the trust in the cashout goes away.

They give ISO which are worthless and might fire back for a lot of employees.

They won't be able to retain talent when the talent will figure out they can't get the stock that was wrongly promised.

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