Friedberg

And Dara knows this thing, and he would have great command over what needs to be done over there, and he would have a great sense of what to change and what's gone wrong. And there's a lot of interesting assets inside of Expedia. VRBO is a great one that's been under-monetized and underutilized. I don't know if you've used the UX on VRBO versus Airbnb.

There's obviously some influence Dara could have with people that he knows well that could go in and fix that interface and make it a better service.

There's obviously some influence Dara could have with people that he knows well that could go in and fix that interface and make it a better service.

And even as AI starts to step in and hotels maybe integrate better with agents and so on, and they show up in a more ubiquitous way, there's other things that Expedia does like build vacation packages and travel packages that are high margin products that they sell. that are a little bit different than what you're used to with just booking a flight.

And even as AI starts to step in and hotels maybe integrate better with agents and so on, and they show up in a more ubiquitous way, there's other things that Expedia does like build vacation packages and travel packages that are high margin products that they sell. that are a little bit different than what you're used to with just booking a flight.

Booking flights makes no money for anyone, but vacation packages is where all the money's at. And so theoretically Expedia could be smarter about how they build vacation packages and personalize them for families. And that's where they can make real margin, like 20, 30% margin. So I could see a story where this all starts to click for the board at Uber saying, maybe it makes sense.

Booking flights makes no money for anyone, but vacation packages is where all the money's at. And so theoretically Expedia could be smarter about how they build vacation packages and personalize them for families. And that's where they can make real margin, like 20, 30% margin. So I could see a story where this all starts to click for the board at Uber saying, maybe it makes sense.

Dara knows what he's talking about. We could buy this thing for four times pro forma EBITDA. This could be hugely accretive for us. So I think that's why this is happening, why this conversation may be happening. That's just me trying to understand what the rationale might be.

Dara knows what he's talking about. We could buy this thing for four times pro forma EBITDA. This could be hugely accretive for us. So I think that's why this is happening, why this conversation may be happening. That's just me trying to understand what the rationale might be.

So they're spending about $8 billion a year run rate on sales and marketing at Expedia right now. And Uber has got 150 million active installed users that are using this, the Uber services every month. So the idea would be customers. Yeah.

So they're spending about $8 billion a year run rate on sales and marketing at Expedia right now. And Uber has got 150 million active installed users that are using this, the Uber services every month. So the idea would be customers. Yeah.

So if Uber could cross sell some number of Expedia services to their installed base at Uber, which they could test and, you know, do a little experiment and see if it works. They may be able to reduce the marketing dollars that Expedia is spending to acquire customers through other third-party sources like Google and Bing and other places. So there's a rationale.

So if Uber could cross sell some number of Expedia services to their installed base at Uber, which they could test and, you know, do a little experiment and see if it works. They may be able to reduce the marketing dollars that Expedia is spending to acquire customers through other third-party sources like Google and Bing and other places. So there's a rationale.

Yeah, they had that whole ad thing that adds... Yeah, that's making a ton of money.

Yeah, they had that whole ad thing that adds... Yeah, that's making a ton of money.

Would you trust Dara's judgment on this, Sax? Like, if Dara were to think about...

Would you trust Dara's judgment on this, Sax? Like, if Dara were to think about...

What about not the moment when you're when you're riding in an Uber, but the moment when you say as an Uber user, hey, I need to book travel. I got to go on a vacation to Austin.

What about not the moment when you're when you're riding in an Uber, but the moment when you say as an Uber user, hey, I need to book travel. I got to go on a vacation to Austin.

What if they had a tab that said book your travel here?