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44 Transp. L.J. 33 (2017)
Will the Growth of Uber Increase Economic Welfare

handle is hein.journals/tportl44 and id is 41 raw text is: Article Will The Growth of Uber Increase Economic Welfare? Hubert Horan* ABSTRACT The urban car service firm Uber is currently the most highly valued private startup company in the world, with a venture capital valuation of over $68 billion based on direct investment of over $13 billion' from nu- merous prominent Silicon Valley investors.2 Uber's investors are not * The author has forty years of experience as a manager and consultant in transportation, primarily with airlines, but also railroads and urban transit. His full CV and publications can be found at horanaviation.com. Several sections of this paper reflect the author's experience in the fields of transport economics, transport deregulation, and the management of large transport networks. The author has no financial links with any urban car service industry competitors, investors or regulators, or with any firms that work on behalf of those industry participants. Special thanks to Yves Smith and Lambert Strether of the financial blog Naked Capitalism and to Izabella Kaminska of the Financial Times for valuable comments on earlier drafts. 1. For current information on Uber's financing rounds, see https://www.crunchbase.com/ organization/uber#/entity. In 2016, Uber had four times the value of the second highest valued US based startup (Airbnb) and Uber's valuation exceeded the equity value of 85% of the S&P 500. Alex Barinka et al., Uber Backers Said to Push for Didi Truce in Costly China War, BLoom- BERG (July 20, 2016, 1:13 PM), http://www.bloomberg.com/news/articles/2016-07-20/uber-inves- tors-said-to-push-for-didi-truce-in-costly-china-fight. 2. These investors include Amazon founder Jeff Bezos, Google Ventures, Benchmark, TPG, Goldman Sachs, Menlo Ventures, Alfred Lin of Sequoia Capital, Kleiner Perkins Caufield Byers, Lowercase Capital and Summit Partners. Almost all private equity investments since mid- 33

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