Dara Khosrowshahi

then it was a move that was obvious. But at the same time, like the beauty of Uber is when you get into the actual challenges, like for example, we launched taxi and the way that we match generally Uber is one-to-one. So you hail for an Uber, we will match you, we'll make an offer to a specific driver, driver says yes, driver comes pick you up, et cetera.

What we found in taxi markets is that when we made the one-to-one match, If we weren't integrated into the taxi meter, and that's something that we'll build over a period of time, the taxi might be full, but the acceptance rate of the taxis was much, much lower, and we didn't know why.

What we found in taxi markets is that when we made the one-to-one match, If we weren't integrated into the taxi meter, and that's something that we'll build over a period of time, the taxi might be full, but the acceptance rate of the taxis was much, much lower, and we didn't know why.

And if the acceptance rate is lower, you might wait for a long time to get matched because we're going to send offer, offer, offer, offer before you get a match. So the team built a technology blast dispatch, which is instead of a one-to-one match, it's a, you know, we'll make a dispatch of 10 different taxis. One of them accepts.

And if the acceptance rate is lower, you might wait for a long time to get matched because we're going to send offer, offer, offer, offer before you get a match. So the team built a technology blast dispatch, which is instead of a one-to-one match, it's a, you know, we'll make a dispatch of 10 different taxis. One of them accepts.

Totally. Like who's, you know, there's a pickup on 54 Leonard Street and someone says, Joey says, yes. I got that one. Yeah, I got that one. So like what's old becomes new, what's new becomes old. But what's been interesting is there's a simple idea, but then building out the tech infrastructure to be able to fit to that particular market becomes a challenge.

Totally. Like who's, you know, there's a pickup on 54 Leonard Street and someone says, Joey says, yes. I got that one. Yeah, I got that one. So like what's old becomes new, what's new becomes old. But what's been interesting is there's a simple idea, but then building out the tech infrastructure to be able to fit to that particular market becomes a challenge.

But also it's an opportunity, which is now for some of our competitors to copy that. One is it's taking a lot of tuning. to actually get that experience to be excellent. There are some markets where we're mixing demand. You might click for an UberX, a taxi might show up. Is that a good thing? Is that a bad thing? It improves marketplace liquidity.

But also it's an opportunity, which is now for some of our competitors to copy that. One is it's taking a lot of tuning. to actually get that experience to be excellent. There are some markets where we're mixing demand. You might click for an UberX, a taxi might show up. Is that a good thing? Is that a bad thing? It improves marketplace liquidity.

And things that seem very simple on the surface, to actually make the magic happen of pushing a button and a car shows up in five minutes and you get great service, it's actually pretty difficult tech to build on the ground. It's really cool.

And things that seem very simple on the surface, to actually make the magic happen of pushing a button and a car shows up in five minutes and you get great service, it's actually pretty difficult tech to build on the ground. It's really cool.

It was the displacement in terms of shareholders. It was tough, right? And there's a certain cohort of shareholders going after hyper growth, et cetera, especially in this marketplace where it's much more about discipline growth, profitable growth, et cetera, that that changeover has been difficult

It was the displacement in terms of shareholders. It was tough, right? And there's a certain cohort of shareholders going after hyper growth, et cetera, especially in this marketplace where it's much more about discipline growth, profitable growth, et cetera, that that changeover has been difficult

But we now have a set of shareholders like the Fidelities of the World, Capital, Morgan Stanley, et cetera, that have the capacity to own a lot of shares, way more than they do today. And there's a consistency about it. As we keep delivering, they keep upping their stake. And we're now seeing a stock price that generally is working. But I'll tell you, when we're in the middle of it, it was tough.

But we now have a set of shareholders like the Fidelities of the World, Capital, Morgan Stanley, et cetera, that have the capacity to own a lot of shares, way more than they do today. And there's a consistency about it. As we keep delivering, they keep upping their stake. And we're now seeing a stock price that generally is working. But I'll tell you, when we're in the middle of it, it was tough.

After the IPO, after the lockup, Travis sold all his shares.

After the IPO, after the lockup, Travis sold all his shares.

And those days, like, those were not heavy days. That was probably 15% of the company? I don't remember if it was 15%.

And those days, like, those were not heavy days. That was probably 15% of the company? I don't remember if it was 15%.

Or 2%. Or 1%. Or 2%.