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 with 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 (S$68 billion) compared with US$125 billion-plus early last year. DoorDash, a US takeaway delivery company, is down to US$28 billion from nearly US$90 billion over the same period.