A co-founder of the Magellan Financial Group, which manages more than $37 billion, thinks the ride-hailing service Uber has a less than 1% chance of surviving the next decade.

“It’s constantly losing money, and its capital-raising strategy is a Ponzi scheme,” the co-founder, Hamish Douglass, said at the annual Stockbrokers and Financial Advisers Conference in Sydney.

Douglass says Uber is under threat from the arrival of autonomous cars, in which he doesn’t think ride-sharing business has an advantage.

He referred to Uber as one of the most stupid investments in history with a high probability of going bankrupt.




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