At the beginning of the year, Uber investor Shervin Pishevar engaged in a tweet storm that lasted 21 hours, cautioning investors about a coming financial crisis in the United States. He also cautioned investors about a massive drop in the bitcoin. He predicted that bitcoin would fall to the $2-5k range before any gains. Other predictions he made in the 50 tweet post included a steep correction in the stock market and volatility in the bond market that would be triggered by inflation.
Shervin Pishevar is the co-founder of Hyperloop. He enjoys massive influence on social media. He used this space to give out his views about innovation in the tech industry, infrastructure growth in the US and even his thoughts on Space X project by Elon Musk. Months have passed since he made his predictions, and it is time to look at how his predictions turned out. Have we seen a drop in the stock market and dominance by huge tech companies?
Anyone who has been following Shervin Pishevar will agree that most of the predictions he made are holding up pretty well. The five Silicon Valley monopolies he talked about; Amazon, Facebook, Apple, Microsoft, and Alphabet, have stood on the way of others to make progress. They are stifling other startups and expressing the same influence that was once held by AT&T before it was divided by the justice system to eliminate its monopoly.
Shervin Pishevar described the impact of these five companies as so huge that they are eliminating the chances of creating another Uber or Airbnb in the next one decade. He is urging the government to take similar measures as they did with AT&T for the sake of other startups. Pishevar sees monopolies as so strong that they have access to data that can suppress the growth of other businesses. Uber is the last giant to come out of Silicon Valley, and it might be the last unless something is done.
The events of the year so far have shown the damage that can be created by these companies. Facebook has been ridden with accusations of users’ data abuse, leading to CEO Mark Zuckerberg appearing on the Senate. Apart from that, the monopolies are buying out any good idea that is created by startups.