They rose to great heights but have been falling back hard. The share prices of companies in the so-called gig economy have been performing abysmally, even compared to the woes of stock markets in general. This dates back some 18 months though it has intensified since last autumn.
Uber, known for ride-hailing and takeaway food delivery, is now valued at US$49 billion (£39 billion) compared to US$125 billion-plus in early 2021. DoorDash, a US takeaway delivery firm, is down to US$28 billion from nearly US$90 billion over the same period.
Just Eat, which delivers takeaway in the UK, Europe and US, has fallen from a valuation high of £24 billion to under £5 billion. It is trying to sell off GrubHub, a US business it bought for US$5.9 billion just two years ago. Meanwhile, Deliveroo, another UK takeaway company, has seen its valuation fall from £7 billion to £1.7 billion in only nine months.
