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Uber lost some markets and won in others (e.g. LatAM, Australia). Also, it's not like Uber spent the money and got nothing for it - it's stake in DiDi is worth more than the amount of money Uber spent in China.

Many companies are facing winner takes all, so if your failures result in getting a significant stake in your competitions businesses, you’re doing pretty well IMO.

As much as I’d like that not to be the case for Uber.

But Taxis are not a winner-takes-all business. They may be on a city-by-city basis, but not nationally.

what if Uber becomes an international holding company for ride sharing businesses?

Is that a better or worse future?