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Comment by hobbitstan | Hacker News Reader

How many tech companies, specifically social media companies, are worth far less than they're touted to? I can easily live without Facebook, Twitter, TikTok, Uber... the list is endless. In fact, I don't use any of the most popular tech products on the market. And investors are starting to realize that overinflated numbers mean little. You have a billion users? How many regularly use your product? 10%?

Even Google and Amazon are starting to face reality.

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> I don't use any of the most popular tech products on the market

that's a very compelling dataset size of 1.

uber, for one, publishes number of its users and rides, and in 2021 it was about 100 million active users who did a few billion rides. For a public company that delivers a physical service, kind of hard to fudge that.

Uber has an edge here. Decades of regulatory coddling made taxi industry suck so hard that any alternative that sucks less is welcome. I don't care about their business model, but if I need to get point A -> point B, and they can do it with the least inconvenience for me - they get my business. But not all industries have such amounts of accumulated suckage.

Well to be fair a 100 million is exactly 10% of a billion. Still a massive amount of people.

Why are you lumping uber in there? It’s not a social media company, and millions of people depend on it.

The stocks are cratering because hedge funds are covering losses in other sectors. Tech will bounce back.

complete nonsense. tech may bounce back but "covering losses" is not why tech is down

Tech is down because interest rates are going up. That seems both simple and obvious.

Most things most people search on the internet go through Google, who gets to show them ads. They do the same on YouTube. You're joking if you think Google is in any trouble.

(Deleted)

What do you mean by “use”? I randomly will download insta, scroll, feel cringe and uninstall. Does that count as using?

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