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Makes you wonder how these companies ever planned to last during the "next" economic downturn. I don't think anyone bet on a global pandemic causing this shock but the point still stands: These kind of companies were still burning cash at incredible rates 10+ years in. How were they ever going to survive?

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This is not a downturn though. It is a collapse.

It's more like a pause.

What makes you think it's a collapse?

I mean, a downturn is generally considered to be down by 10%, maybe 20%. Quantitatively different, but not qualitatively different. Adjustments, but things still generally continue as planned.

A collapse is dropping by close to 50% or more, like Uber's demand. It's suddenly playing an entirely different game, it becomes a qualitatively different business.

If this isn't a collapse, nothing is.

A "pause" would imply things will return to normal as soon as things are "unpaused". If you cut 3,000 jobs and 45 offices, those are not just magically reappearing when things are "unpaused".

Oh, did you mean Uber and not the economy as a whole?

Oh, I re-read the comments and realized I completely confused the two. Never mind me, sorry! Yes, the economy as a whole has not collapsed, it is more of a pause, agreed.

infinite growth forever, of course

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