Postmates lost almost a billion dollars

Uber Postmates Combo Could Be a Raw Deal:

The filing gave an update on Postmates's losses, which have continued to grow -- albeit at a slower pace than last year. This is despite solid demand for food delivery amid the pandemic. According to the filing, Postmates had an accumulated deficit of $929.3 million as of June 30. Compared with the previously reported deficit as of March 31, that means Postmates lost more than $32 million in the second quarter at the height of the pandemic, despite Uber reporting that Postmates saw an implied $1 billion in gross bookings in the period.

Couldn't happen to a nicer couple, since anything with the taint of Uber on it is literal blood money.

But this does also emphasize that the grift powering these companies has little to do with "exchanging money for goods and services", but is a far more esoteric con. So while it's fun to say "look at how much money they are losing! Look at how bad they are at all the things!", that is failing to follow the money. Someone got richer while someone else set a billion dollars on fire. The Invisible Hand is pleased.

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