Sure... based on phony valuations at inflated pricing - in which the founder and VC's are in collusion to artificially prop up it's value. Or something. ;)
I don't know how valuations could be more or less phony than Uber's. Valuations like these are based on real prices that investors pay for stakes in the company. This high valuation may be impossible to justify, and valuing a company might be an exercise in fantasy to begin with, but the valuation is certainly real.