Uber has been described as a "Ponzi scheme" that has a "99 per cent chance" of collapsing by one veteran investor.
Speaking to Fairfax Media at a financial conference in Sydney, Magellan Financial Group chief executive Hamish Douglass slammed the ride-sharing giant as "one of the stupidest businesses in history".
"The probability of this business not going bankrupt in a decade is like 1 per cent," Mr Magellan said, describing the company's high-cost, owner-driver model as almost "valueless".
The Ponzi scheme allegation was in reference to the company's strategy of continually raising capital from investors. "It's constantly losing money and its capital-raising strategy is a Ponzi scheme," he said.
"All they do is keep increasing their private market valuation and someone always says, 'I'll put some money up, because next time they raise, it'll be at a higher price'."