"Following a series of “super clarifying” meetings with shareholders, Uber’s chief executive Dara Khosrowshahi emailed(opens a new window) employees on Sunday night with an arresting message: “we need to show them the money”."
So the stockholders finally got fed up with Uber's "lose money on every ride and make it up on volume" approach. No surprise. Uber's stock is at an all-time low since the public offering.
This isn't really about the "tech sector", though. It's about Uber. Uber is an over-funded cab company. It's not a tech company. It's a labor-intensive service company with a huge number of low-skill workers.