Uber

“The third risk is operational excellence. Are you competent enough to pull this off? And that's the risk that they have. And I actually think that's a pretty easy risk. Cause that's a commodity. I mean, there, there's there, if you overpay a handful of Uber em…”

“There's two hundred million dollars of real estate impairments in the past year since COVID. It's almost a billion if you add in the lease related write downs from large companies like Salesforce, Dropbox, Uber, PayPal, Zendesk, just getting rid of their real …”

“I am almost positive That the sharing economy only works for like two or three things. Uber and driving Airbnb, home rentals, And maybe that's it.”

“Then, when he was 24, he invested 15,000 dollars into Pinterest when it was worth three million dollars, and 15,000 dollars into Uber when it was worth three million dollars.”

“Then they literally broke actual laws. It was like running and they were, they got a cease and desist from San Francisco saying, Hey, for every day, your operational, you owe us 5000 dollars per day. And they just kept going.”

“I'm pretty sure each of these 15,000 dollar checks turned into around 50 to a hundred million dollars each inside a span of like, you'll have to look up when they went public, but they almost went public right around the same time.”

“The Uber founders, Travis and Garrett, they didn't work on it full time. Uber was not a project they were willing to do. They just literally tweeted out, Hey, we need a general manager. And random guy named Ryan Graves was like, I'm a hustler. I'll do it. And …”

“The early versions of Uber were written with a ton of Spanish in the code. And so my friends who were early there, they told me, yeah, like, I forget this guy's name. Do you know who I'm talking about?”

“He also, because he was Tim Ferriss, got to invest in Shopify and Uber and like probably made hundreds of millions of dollars off of his Uber investment over a hundred million dollars, my guess.”

“We helped Uber do their no the payment experience where you get in the car, you arrive at your destination, you leave the car, no exchange of payment information, no signing of receipts, no printing out receipts.”

“So basically on that site, the way I monetize it was here's my referral code when you sign up for one or the other and literally had unlimited Uber and Lyft for years. Literal years.”

“Like Travis, the Uber CEO, when he heard that some company, some VC fund was investing in Lyft, he stopped what he was doing. He drove down to that VC firm and said, here are all the reasons you shouldn't invest in Lyft.”

“What I did was I gave him a thousand dollars and he gave me 10,000 dollars in Uber credit. And for like years, I took an Uber black everywhere”

“How does he get into that deal? Because he's Tim Ferris, because that's what, who people want to rope into things. And so, you know, Getting into Shopify and at Uber early on is how you made all the money.”

“So in 2008, Uber was just getting started. They're raising only 200,000 dollars. And on slide 20, They have a deck or a slide that says potential outcomes, and they say best case scenario becomes a market leader with over a billion dollars in annual revenue. R…”

“That's how he did his Uber investment. He did the same thing with the founder of Instagram. That's how he did his Instagram investment too, was he invited Kevin Systrom to come stay at his place in Truckee.”

“They both probably, believe it or not, this is how much startups were back then, they both would have been priced between four and eight million.”

“I got like 10,000 dollars in Uber credits by doing that.”

“Waymo's are already taking up 20% of Uber rides in Austin”

“The next one is labor, so right now there's three and a half million truck drivers alone, let alone all of the, like, Uber and taxi drivers, and you're just not gonna need that job.”

“Every AI tool right now is single player. He's like, ChatGPT is just a tool you use yourself, and same thing with the image creators, and same thing with almost all of the tools are still single player, but the internet has showed us that, like, all the most p…”

“Uber has raised the prices on UberX, I'm sorry, Uber Lux, seven to 10% a year, way above inflation. So the average price of Uber Lux when I was first taking it was 40 to 60 bucks. Now it's 80 to 120.”