Australian fund manager who runs $37 billion calls Uber a ‘ponzi scheme,’ claims it’ll be broke in a decade

Hamish Douglass, the co-founder of the Magellan Financial Group with more than $37 billion USD under management, thinks ride share service Uber has a less than 1% chance of surviving the next decade.

“It’s constantly losing money and its capital-raising strategy is a ponzi scheme,” he said at the annual Stockbrokers and Financial Advisers Conference in Sydney.

Douglass says Uber is under threat from the arrival of autonomous cars where the ride sharing business has no advantage.

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