Since last fall, there’s been a fascinating slow and steady erosion in the press and the public’s confidence that Uber’s record breaking valuation is warranted.

It started with Uber’s sudden capitulation on the China market, after insisting for more than a year it was gaining share-- even excelling. That capitulation meant that Uber would not be the world’s largest ridesharing company in the world. It was Uber’s first unequivocal defeat by a deeper pocketed competitor playing its own game. It was the first time Uber looked fallible even to its do-no-wrong fans.

Then there were leaks showing that it’s in no way profitable in the US, and indeed its business model may not even work.

Even Lyft finally decided it finally could take a punch at Uber, with an aggressive ad campaign, that seems to be landing. I saw this on Twitter the other day:

The Information noted yesterday that despite breaking funding records, Uber needs more cash, because it’s global competitors together have raised about as much...