Dara Khosrowshahi

there was a much higher than non-zero possibility that it could all go. It could all go poof. So I think that was a very, very heavy weight on Benchmark and some of the other startups, et cetera, which led to all events that ultimately led to like they're bringing in an unknown outsider like that. Those are some heavy decisions to make. I wasn't there.

there was a much higher than non-zero possibility that it could all go. It could all go poof. So I think that was a very, very heavy weight on Benchmark and some of the other startups, et cetera, which led to all events that ultimately led to like they're bringing in an unknown outsider like that. Those are some heavy decisions to make. I wasn't there.

I was kind of at the tail end of all that drama.

I was kind of at the tail end of all that drama.

Well, one cool kind of... It wasn't cool at the time, but one really interesting kind of dynamic that played out when I got in was there was all this stuff happening. I had to go to London, TFL. They revoked our license, and there had been a data breach, and we had to deal with that. It was craziness, right? And at the same time, SoftBank was looking to invest in the company.

Well, one cool kind of... It wasn't cool at the time, but one really interesting kind of dynamic that played out when I got in was there was all this stuff happening. I had to go to London, TFL. They revoked our license, and there had been a data breach, and we had to deal with that. It was craziness, right? And at the same time, SoftBank was looking to invest in the company.

And this is the Vision Fund days. And, you know, SoftBank, the only way they came in was heavy. Like, there was no tick-tock. There's no lightness of being with Masa.

And this is the Vision Fund days. And, you know, SoftBank, the only way they came in was heavy. Like, there was no tick-tock. There's no lightness of being with Masa.

And the issue that we had to deal with was one where Benchmark and Travis and the founders, they all had high vote shares. And they both wanted to control the company. And if you sold your shares, they would flip into low vote. So there was this game of chicken, which is SoftBank wanted in.

And the issue that we had to deal with was one where Benchmark and Travis and the founders, they all had high vote shares. And they both wanted to control the company. And if you sold your shares, they would flip into low vote. So there was this game of chicken, which is SoftBank wanted in.

And in typical Masa fashion, it was like, hey, if you don't let us invest in you, we're going to invest in that pink company, right? And it's billions of dollars. And so we had to... get SoftBank in, and they wanted to invest in Uber because it was a top brand, had top tech, et cetera. But at the same time, none of the shareholders wanted to sell because there was this game of chicken.

And in typical Masa fashion, it was like, hey, if you don't let us invest in you, we're going to invest in that pink company, right? And it's billions of dollars. And so we had to... get SoftBank in, and they wanted to invest in Uber because it was a top brand, had top tech, et cetera. But at the same time, none of the shareholders wanted to sell because there was this game of chicken.

Whoever sold might lose control, et cetera. And so we had to go around to all of the high vote shareholders, and we literally had to get everyone to agree to blow up the high vote shares. I think it's actually the only time when a tech company, they blew up all of the high votes. And so every, like, we literally had to go shareholder, shareholder. And, like, Ben said he would say yes.

Whoever sold might lose control, et cetera. And so we had to go around to all of the high vote shareholders, and we literally had to get everyone to agree to blow up the high vote shares. I think it's actually the only time when a tech company, they blew up all of the high votes. And so every, like, we literally had to go shareholder, shareholder. And, like, Ben said he would say yes.

And George, like, everybody. And if anyone said no, none of it would work. And, you know, South Bank would go to, you know, Club Pink, which would be a disaster. Wow. So that was a really interesting kind of... It was like all or none, right? And in the end, we got everyone, including Travis, Benchmark, everyone agreed to essentially switch over high vote to low vote.

And George, like, everybody. And if anyone said no, none of it would work. And, you know, South Bank would go to, you know, Club Pink, which would be a disaster. Wow. So that was a really interesting kind of... It was like all or none, right? And in the end, we got everyone, including Travis, Benchmark, everyone agreed to essentially switch over high vote to low vote.

And that, one, it got SoftBank in, but it stopped the power struggle because then no one could control a company. And that was actually a real secondary benefit, which is then it became like, how do we build a great company versus who's going to get control and who's going to have more impact? We did it for SoftBank.

And that, one, it got SoftBank in, but it stopped the power struggle because then no one could control a company. And that was actually a real secondary benefit, which is then it became like, how do we build a great company versus who's going to get control and who's going to have more impact? We did it for SoftBank.

But in hindsight, it was a really important move, which is, okay, no more board control. Like, this is no longer going to be a control company. Let's go build.

But in hindsight, it was a really important move, which is, okay, no more board control. Like, this is no longer going to be a control company. Let's go build.