Larry Ellison: WeWork and Uber are “Almost Worthless”
On Wednesday Larry Ellison, Oracle founder and executive chairman, met with a small group of entrepreneurs, and spent more than an hour answering their questions on a variety of topics.
Ellison asserted that while he is close friends with Softbank’s Masayoshi Son, he doesn’t see the investment case for either WeWork or Uber, both large holdings in Softbank’s Vision Fund. He declared both the companies “almost worthless.”
He pointed out that Uber doesn’t own its cars and doesn’t control their drivers. And he declared that “they have an app my cat could have written.” Ellison said losing money to gain market share is “idiotic” if customers won’t stay with the firm. “They have nothing,” he said. “No technology. And no loyalty.” Ellison also asserted that Tesla could roll out a ride-sharing service with autonomously driven cars at prices two-thirds below what Uber charges, while also ensuring people get to their destinations safely.
He mocked WeWork’s assertion that it is a technology company. “WeWork rents a building from me, and breaks it up, and then rents it,” Ellison said. “They say, ‘We’re a technology company, and we want a tech multiple.’ It’s bizarre.”
During the event at his house, Ellison had much more to say about Tesla, autonomous driving, regulation, and his friends and enemies.