Market analysts are calling today’s launch of the Uber IPO onto the stock exchange “The worst performing stock in US Stock Market History” .
The now ONE-day-old Uber stock went through a sharp crash, a slight up tick and then an even lower crash to round out the day with a more than 3 point (7.62%) loss.
This of course follows the vicious cycle of losses suffered by Lyft’s IPO which was introduced last month.
The Lyft stock currently trades at nearly half it’s initial value and still has not turned a profit for investors.
The failure of the “GIG”/”On-Demand” economy tech giants to trade publicly indicates a significant failure in the rideshare industry’s attempts to legitimize the business model.
This means that for the Taxi industry, a long awaited level playing field is now in sight.
But for Taxis to return accountability and safety to the market, they must also learn to innovate and innovate quickly before the next rideshare business decides to move in where Uber and Lyft have failed.
For this purpose, Ride Safe will be offering live broadcasts and the establishment of a new information database from the 14th to the 17th of May.
Because Rideshare companies refuse to ensure insurance and proper driver background checks in their business model, it is Ride Safe’s mission to make sure that properly vetted and insured taxis and taxi drivers are more available to customers.
This will require inter-company fleet pooling, new public domain app technology and a significant facelift to erase the stigma placed upon the taxi industry by rideshare companies.