Ohhhhhh shit.

Core to Uber’s valuation is global domination. Has been for several years. Since about… $50 billion in valuation or so.

That’s one of only clear differences between Lyft and Uber in terms of strategy. These two companies have commodity products, similar apps, the same drivers in most cases, and basically charge you the same amount to get you from one place to another. Sure, Uber is far larger, in part because it spends more money, but also because it has been operationally superior. But Lyft has seen clearly: The more cash it spends, the more it chips into that market share...