Taxis are really expensive. Uber made its mark by solving that common big-city problem. Its ride-sharing service spawned a brand-new industry, with competitor companies such as Lyft popping up around the country.
According to TaxiFareFinder.com, a 10-mile ride in Los Angeles in January 2018 cost up to $34. A ride share with Uber, on the other hand, came in under $8 in non-rush-hour conditions. Uber's problem-solving is multi-faceted, too; in an economy driven by unemployment, Uber keeps somewhere between 12,000 and 27,000 drivers earning money in the greater Los Angeles area alone, according to Pasadena Star-News. And ride-sharing is more environmentally responsible than going solo. All those perks add up to a valuation of about $69 billion.
Find Out: 11 Things You Must Know Before Driving for Uber or Lyft