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"[It] represented everything wrong about startup evolution through the 2010s. Raise a ton of money, lose a ton of money, and just obliterate the basic economics of an industry." themargins.substack.com/p/doordash-and-pizza-arbitrage
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"Sometimes I need to write this out to remind myself. Uber Eats spent $1.2 billion to make $734 million. In one quarter." themargins.substack.com/p/doordash-and-pizza-arbitrage
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