THE VALUE OF NOTHING
RETHINKING THE AUTO INDUSTRY
Think about this for a second: Uber is worth more than General Motors. That's right, a company that makes nothing, owns nothing, and has yet to turn a profit is, according to the arcane math of the financial mavens who deal in such ephemera, worth close to $70 billion. GM, which last year manufactured and sold a record 9.8 million cars and trucks around the globe, earning $152 billion, has a market capitalization of about $48 billion.
Perhaps we shouldn't be surprised. Facebook, called the world's most popular media company, creates no content and is valued at about $360 billion. So, too, is Amazon, a retailer that carries no inventory. Airbnb, the world's largest accommodation provider, owns no property and is worth…