Why? Uber, the hot on-demand car-service start-up that has been valued in excess of $40 billion — a number that keeps on rising, even as valuations fall for medallions, the license needed to operate a cab in New York.
The introduction of new, free-market-based, for-hire vehicles, for the first time in the seven-decade history of the New York City taxi medallion system, is shaking incumbent medallion owners and threatening to render the historically bullet-proof medallion a superfluous piece of tin.
Find out more at MSN Money.
Photo courtesy of: Moyan Brenn