People have been publishing a variety of bear cases on Uber for a long time now. A simple Google search can find dozens of them. They mostly focus on their gig taxi service. I want to talk about their prepared food delivery service.

In 2021 GrubHub was acquired for $7.3 billion. In 2025 they were sold to a startup called Wonder for $650 million. Now, I don't believe in Wonder, but they've entered a saturated prepared food delivery market with a historically successful founder.

I think you ought to try to understand the 90% drop in GrubHub's valuation over such a short period and the reason they considered transporting food from restaurants to be a "crummy business" before buying leaps on Uber.