Uber, the car-share service company, announced yesterday it got more money from venture capitalists this year than any other company, putting its value at around $40 billion -- higher than American Airlines. Yet Uber employs only 1,500 people directly. The rest of its “employees” – the drivers who use their own cars -- take on almost all the cost and risk. In fact (as the New York Times revealed yesterday), Uber demands drivers handle any and all damage claims themselves through their own personal car insurance, even though those insurance companies don’t cover commercial activity. Which means Uber drivers aren’t insured to drive others for money. Which means Uber riders wont collect if theres an accident. So is Uber a $40 billion success story or a dangerous scam?
Posted on: Sun, 07 Dec 2014 16:07:10 +0000