A woman poses for photo during a launching ceremony of UBER taxi Thursday in Yangon, Myanmar May 11, 2017  REUTERS/Soe Zeya Tun - RTS165IL

Yahoo began as a pioneer and ended up being a mere holding company. Uber could be embarking on the same path.

In the heady days of 1999, Yahoo’s market value soared beyond $ 100 billion. Last month, the company delivered the last vestiges of its online business to Verizon for $ 4.5 billion. The $ 56 billion worth of what remains, Altaba, are stakes in Alibaba and Yahoo Japan, and $ 11 billion in cash.

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Meanwhile, legal and regulatory obstacles are compounding Uber, along with the failure of his work culture, which has left him without his co-founder and CEO Travis Kalanick, among other managerial casualties. While striving to preserve its transportation service and to develop logistics and autonomous vehicle business, Uber has begun taking positions in some promising markets.

Last year, it had a nearly 18% stake in Chinese rival Didi Chuxing, valued at about $ 8 billion. Earlier this month, it did something similar in Russia, abandoning fierce competition with local Yandex in exchange for 37% ownership of a new combined service, a share that is worth more than $ 1 billion. Both interests add up to about 10 billion.

Meanwhile, Uber’s total value is declining. In the secondary market fell in June to 50 billion dollars, according to TechCrunch. It would not be surprising if he continued to fall after the departure of Kalanick.

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A new round of funding closed in April by Uber’s top US rival Lyft, set its value at $ 7.5 billion. Suppose Uber’s U.S. business is worth twice that, and its holdings in China and Russia are soon to be seen by 50 percent.

Ignoring Uber’s efforts in other countries, some of which could eventually become similar holdings, the total would amount to about $ 30 billion, of which half would be contributed by minority interests. Extrapolate a few more years, and it is not difficult to see Uber becoming the new Altaba.