Uber, every mention
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every year anyone Ben Gilbert 85David Rosenthal 82Dara Khosrowshahi 60Packy McCormick 11Brian Koppelman 6Hamilton Helmer 5Jason Calacanis 4Peter Fenton 2Katherine Boyle 2Joseph Gordon-Levitt 2
Verbatim, from the transcripts: the passages where Uber comes up
10 Years of Acquired (with Michael Lewis) · Acquired
- ▶ 42:07 Ben Gilbert Which was unbelievable timing in 2017, 18 when Uber, Pinterest, Slack.
Google Part III: The AI Company. Google is amazingly well-positioned... will they win in AI? (Audio) · Acquired
- ▶ 2:59:21 Ben Gilbert For anyone who hasn't taken it, it's an Uber, but with no driver.
- ▶ 3:00:34 David Rosenthal I would never do that with an Uber.
- ▶ 3:00:37 David Rosenthal To my dog, whatever I need to go with my dog, like, it's super awkward to hail an Uber and be like, hey, I got my dog, you know, can the dog come in it?
- ▶ 3:04:16 Ben Gilbert Managed by there's a rental car company in Texas that manages it, or they've partnered, I believe with Lyft and with Uber and different.
- ▶ 3:05:12 Ben Gilbert That's on the order of three hundred billion, most of which is Uber.
- ▶ 3:06:14 David Rosenthal Scoping just to rideshare, now that we have Waymo in San Francisco, I use Waymo in scenarios where I would never use an Uber or a Lyft.
- ▶ 3:07:47 Ben Gilbert That's one year of Uber's profits.
Google Part II: Alphabet (Audio) · Acquired
- ▶ 38:41 David Rosenthal It's now super easy to grab Google Maps and build stuff on top of it, and it's really hot, and this enables startups, so like Zillow, Uber, eventually DoorDash, Airbnb.
TSMC · Acquired
- ▶ 2:08:03 David Rosenthal Like, the number of, and we talk about this all the time on this show, VCs passing over valuation on something, you know, uh, Andreessen getting cold feet about a three hundred million dollar valuation on Uber.
Chase Center + Summer Update (Audio) · Acquired
- ▶ 12:09 Ben Gilbert We do have the opportunity to interview someone like Jensen, like Charlie, like Dara from Uber, where we have covered the business in the past, or perhaps someone like Howard Schultz is willing to spend the 5:06 hours with us that it takes…
Renaissance Technologies (Audio) · Acquired
- ▶ 56:51 David Rosenthal It had Roblox, Uber, and Square.
Novo Nordisk (Ozempic) · Acquired
- ▶ 2:37:13 Ben Gilbert Uber and Lyft is sort of our modern canonical example.
Holiday Special 2023 (Audio) · Acquired
- ▶ 16:31 David Rosenthal Daniel Ek, Dara Khosrowshahi from Uber, Jensen from Nvidia, and then Charlie.
- ▶ 37:36 Ben Gilbert And then we get the opportunity to interview the CEO of the then eighty billion dollar market cap, Uber.
- ▶ 38:39 Ben Gilbert But it was really dumb, and I'm really glad we didn't go through with it to put the CEOs of Spotify and Uber there.
- ▶ 51:33 Ben Gilbert And it still took another year to figure out exactly what the thing was to do together and when, and same thing with Dara at Uber.
- ▶ 1:15:02 Ben Gilbert I think we thought, Uber's going public, cover Uber.
- ▶ 1:17:19 David Rosenthal Like, the story of Uber that we did on, you know, IPO day back when we did that episode.
- ▶ 1:17:25 David Rosenthal Like, that was not the full story of Uber.
Visa (Audio) · Acquired
- ▶ 3:34:37 Ben Gilbert Or, like, Uber needs to pay their drivers.
Charlie Munger (Audio) · Acquired
- ▶ 2:58 David Rosenthal Yeah, so Berkshire, as we know, started as a textile mill in Massachusetts nearly 200 years ago, and almost 20 years ago, tiny founders Andrew Wilkinson and his partner Chris took their version of an internet textile mill, the premier…
Doug Demuro on Analyzing the Car Industry, Creator-Led Businesses, and Porsche Follow Up (Raw Video) · Acquired
- ▶ 1:04:49 David Rosenthal It's a, it's not even fully like an Uber Lyft replacement.
- ▶ 1:06:13 David Rosenthal So that's why it's not even a real replacement for Uber and Lyft.
Nike (Audio) · Acquired
- ▶ 1:23:24 David Rosenthal On the other hand, it's also a little bit like Uber in the early days with toe stepping, like, the alternative was the taxi industry.
Uber CEO Dara Khosrowshahi · Acquired
- ▶ 0:08 Ben Gilbert I mean, we haven't talked about Uber in a while.
- ▶ 1:10 Ben Gilbert Today's episode is an interview with Uber CEO Dara Khazrashahi, where he joins us from the Acquired home studio in Seattle.
- ▶ 1:18 Ben Gilbert And it's been a while since we checked in on Uber.
- ▶ 1:21 Ben Gilbert They've gone through quite the transformation since our 2019 episode on IPO day.
- ▶ 1:26 Ben Gilbert In the past 12 months, they've done over thirty billion dollars in revenue, up from just 10,000,000,002 years ago.
- ▶ 1:36 Ben Gilbert And they have two businesses, as many of you know, that complement each other nicely in eats and mobility, and they've divested anything hardware, international, or that's too far in the future or speculative.
- ▶ 1:36 Ben Gilbert And they have two businesses, as many of you know, that complement each other nicely in eats and mobility, and they've divested anything hardware, international, or that's too far in the future or speculative.
- ▶ 1:48 Ben Gilbert They're even doing something we couldn't imagine at IPO time, which is profitability.
- ▶ 1:52 Ben Gilbert Now, it's very modest at this point, but we wouldn't have dreamed Uber could even get to break even back when they burned, David, what was it, three billion dollars the year before the IPO?
- ▶ 2:10 Ben Gilbert Well, today's discussion, of course, is partly about Uber, as we're alluding to here, but as David and I evolve the interview format, we're putting more of a focus on Dara as a person and sharing some of his craziest stories from…
- ▶ 2:23 Ben Gilbert So this is a candid conversation that dives into moments like buying Expedia right when night 11 happened, how he first met Barry Diller at Allen & Company, and what the financial mechanics are actually like of replacing Uber's entire…
- ▶ 2:38 Ben Gilbert Or close to it anyway, almost in its entirety since joining the company.
- ▶ 2:42 David Rosenthal Yeah, not to mention the Uber CEO recruitment process, which I don't think Dara's talked about anywhere else before.
- ▶ 3:51 Ben Gilbert For folks who don't know about your pre-Uber background, you were the CEO of Expedia from 2000 and four to 20 17.
- ▶ 7:51 David Rosenthal Ultimately, good for Uber the past couple years?
- ▶ 7:54 Dara Khosrowshahi Yeah, I, I think the pandemic was incredibly painful in that sitting together as a team, 85% of your mobility volume, which was the profit driver of the company falls off a cliff.
- ▶ 8:31 Dara Khosrowshahi But it was a huge accelerator as it relates to our Eats delivery business.
- ▶ 19:45 Ben Gilbert And then you get a fresh start at Uber.
- ▶ 21:27 Dara Khosrowshahi And for me, the biggest lesson as I came to Uber was Uber's marketplace business.
- ▶ 22:21 David Rosenthal You can do the same thing at Uber in a way that your competitors on both sides of the business can't, right?
- ▶ 22:30 David Rosenthal Rides and eats.
- ▶ 22:30 David Rosenthal Rides and eats.
- ▶ 22:43 Dara Khosrowshahi There's a much larger crossover, and we can actually use Eats almost as a recruitment tool.
- ▶ 23:04 Dara Khosrowshahi And because of eats, you don't need to get your car inspected.
- ▶ 23:23 Dara Khosrowshahi They can start earning on the Uber platform, and then you can upsell them into additional opportunities, driving people, shopping, et cetera.
- ▶ 24:06 David Rosenthal Like what, what does the Uber execution machine looked like since the pandemic to maybe make that more of a reality?
- ▶ 24:28 Dara Khosrowshahi We did take a big step post pandemic once Eats got to size to merge all the teams together, the technical teams together, the marketplace teams together, a single earner team, et cetera.
- ▶ 24:41 Dara Khosrowshahi When Eats was small, it needed its own dedicated teams.
- ▶ 24:45 Dara Khosrowshahi Because if you had one team doing rides in Eats, like all the attention would go to rides.
- ▶ 24:45 Dara Khosrowshahi Because if you had one team doing rides in Eats, like all the attention would go to rides.
- ▶ 24:59 Dara Khosrowshahi Eats is the recipient, you know, so the rides business has most of the audience, and generally we move more people from rides to Eats.
- ▶ 24:59 Dara Khosrowshahi Eats is the recipient, you know, so the rides business has most of the audience, and generally we move more people from rides to Eats.
- ▶ 25:08 Dara Khosrowshahi So it's a, it's a almost free customer acquisition tool for, for Eats.
- ▶ 25:14 Ben Gilbert It's your largest customer acquisition channel for Eats, right?
- ▶ 25:54 Dara Khosrowshahi You know, all of it sounds great, but the fact is that whatever pixel that you put on the rides app to promote eats is taking something away from the rides app, right?
- ▶ 26:17 Dara Khosrowshahi There's a bunch of machinery that you have to build to do this stuff successfully and for the benefit that eats gets to be significantly larger than the detriment that rides gets and to not get in the way of the rides experience, you know,…
- ▶ 26:17 Dara Khosrowshahi There's a bunch of machinery that you have to build to do this stuff successfully and for the benefit that eats gets to be significantly larger than the detriment that rides gets and to not get in the way of the rides experience, you know,…
- ▶ 26:45 Dara Khosrowshahi And then, you know, if Eats has this new customer acquisition, uh, source, every year, new customers for Eats account for less than 10% of the business, of the overall business, because it's a big repeat business.
- ▶ 27:33 Dara Khosrowshahi And then on the right side, there's proprietary supply coming over from EATS, again, compounding.
- ▶ 28:35 Ben Gilbert If we entered some economic environment where a whole bunch of people were out of work, and they wanted to become Uber drivers, but that would make it so that the average earnings across the whole platform would plunge, because you have a…
- ▶ 30:28 Dara Khosrowshahi If you, if you ask our top economist at Uber, he would say that we actually don't control the price to the consumer.
- ▶ 30:50 Dara Khosrowshahi And so there's this, you know, people say like Uber setting prices.
- ▶ 31:02 Ben Gilbert I mean, certainly, I think in 20, whenever we did the IPO episode, Uber had lost like close to three billion dollars the year before going public.
- ▶ 31:55 Dara Khosrowshahi There are four and a half million taxis in the world who would imagine that Uber will be working with taxis, but we're going to wire up every single taxi in the world.
- ▶ 34:04 Ben Gilbert And they're like, ask them why Ubers are more expensive than they used to be.
- ▶ 34:38 Dara Khosrowshahi And then it did become more expensive to bring drivers into the Uber ecosystem.
- ▶ 35:01 Dara Khosrowshahi That is the reason why Ubers are more expensive now.
- ▶ 35:04 Dara Khosrowshahi Now, in this environment, where we are adding supply faster than demand because the supply is really coming into the marketplace, prices in Uber now, year on year, are down.
- ▶ 35:29 David Rosenthal How has the complexity of Uber relative to Expedia matched up with your expectations coming in?
- ▶ 35:58 Dara Khosrowshahi And, and you have to think about the travel ecosystem with Uber.
- ▶ 36:00 Dara Khosrowshahi Uber is like a incredibly important service to the cities of the world.
- ▶ 36:41 Dara Khosrowshahi And then the responsibility in terms of like regulators and governments, et cetera, that consideration set is, is just, it's so much bigger.
- ▶ 37:27 Dara Khosrowshahi Everyone at Uber, like, we always talk, like, you don't come to Uber for easy.
- ▶ 37:42 Dara Khosrowshahi But, people love being at the company.
- ▶ 38:09 David Rosenthal Does a Uber HQ plan for Taylor concerts ahead of time as they're happening?
- ▶ 38:15 Dara Khosrowshahi I mean, Uber HQ doesn't, but there are ops teams on the ground.
- ▶ 38:52 David Rosenthal Like, how did you, how did you enter the Uber orbit?
- ▶ 40:00 Dara Khosrowshahi And he's like, Dara, you know, did you get the call from a headhunter about the Uber job?
- ▶ 42:11 Dara Khosrowshahi I said, Barry, head on and call me about Uber.
- ▶ 43:14 Dara Khosrowshahi This was like my big presentation.
- ▶ 47:33 Ben Gilbert What did you get to learn about Uber?
- ▶ 48:33 Dara Khosrowshahi As a leadership team, we can have an impact on Uber, and Uber is a company that it's unique in terms of its impact on the ground in the city.
- ▶ 49:12 Dara Khosrowshahi But I think Uber had a global position, a talent pool, a brand that was absolutely exceptional, that was just going through a really, really hard time.
- ▶ 49:40 Ben Gilbert I literally, it never occurred to me that you could construe Uber as that, but it might be the only turnaround in history where it was growing incredibly fast, had ten billion of revenue, had some of the smartest people in the world…
- ▶ 50:10 Ben Gilbert Delete Uber.
- ▶ 50:12 David Rosenthal Delete Uber Yeah.
- ▶ 52:10 Dara Khosrowshahi Uber was an urban
- ▶ 52:23 Dara Khosrowshahi Urban restaurants, et cetera, and Uber was about cheap and fast, right?
- ▶ 54:50 Ben Gilbert This, uh, expand internationally, leverage the fact that you're sort of the leading global player, generate cash, use it to compete domestically, eats, feeds ride sharing, which feeds, you know, you can sort of use this flywheel.
- ▶ 55:04 Ben Gilbert Of the three pillars today of ride sharing, Uber Eats, and freight, and divesting everything else, all the autonomy, all of the self, I guess self-driving cars is autonomy.
- ▶ 55:04 Ben Gilbert Of the three pillars today of ride sharing, Uber Eats, and freight, and divesting everything else, all the autonomy, all of the self, I guess self-driving cars is autonomy.
- ▶ 55:22 Dara Khosrowshahi Elevate.
- ▶ 55:23 Dara Khosrowshahi Elevate, et cetera.
- ▶ 57:29 Dara Khosrowshahi And on the Eats side, obviously it was about food and kind of the general expansion of that business, but it's really about getting into the other categories, getting into grocery, liquor, et cetera.
- ▶ 57:47 Dara Khosrowshahi If you think about Eats, there's a marketplace offering.
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