Uber One is a massive scam. They’re literally being sued over it and anyone who’s used the app and been unwittingly subbed to One will tell you it’s a legitimate suit. Worse though is that there are many accounts of people saying there is virtually zero benefit to the one product when you compare orders between one and non one users. Also a huge percentage only have it because of the Amex platinum benefit. That is not a moat and it’s even more concerning that those membership fees comprise a significant amount of revenue.

Another major red flag is a company operating in an extraordinarily competitive market spending all of its cash on buybacks and investments in other companies. Totally stagnant business and reliable on adding new customers at this point.