WEBVTT - DoorDash CEO & Co-Founder Tony Xu 0:00:00.080 --> 0:00:04.200 So I saw a shark tank trailer. Yeah, what was 0:00:04.240 --> 0:00:08.959 the most like surprising thing about it? Um? How kind? 0:00:09.160 --> 0:00:13.960 Mr wonderful? Actually? How soft he is? I guess he is. Yeah, 0:00:13.960 --> 0:00:16.919 he's a really nice guy. Did it give you any 0:00:17.000 --> 0:00:20.840 flashbacks to your y C days and the panic days 0:00:20.880 --> 0:00:26.680 of early entrepreneurship. Yes, And that they do about forty 0:00:26.760 --> 0:00:30.360 five minutes of shooting for seven minutes of airing. And 0:00:30.440 --> 0:00:32.559 so if the entrepreneur makes a mistake, and there are 0:00:32.560 --> 0:00:42.680 a few of these, it's totally fine. I'm Tony how 0:00:42.720 --> 0:00:45.279 was a product editor Square and the four of us 0:00:45.280 --> 0:00:47.879 came together about six months ago to work on software 0:00:47.920 --> 0:00:51.520 for small business owners. That's the application video Tony Shoe 0:00:51.520 --> 0:00:53.640 and his door Dash co founders submitted to get a 0:00:53.680 --> 0:00:59.400 ticket into why Combinators prestigious startup accelerator. Back fast forward 0:00:59.480 --> 0:01:01.840 nearly ten years later, and Doortosh has gone from a 0:01:01.880 --> 0:01:05.319 struggling food delivery story to a public company that's the 0:01:05.440 --> 0:01:09.080 US leader in delivery. But the big question facing companies 0:01:09.160 --> 0:01:12.920 now is how to navigate a potentially prolonged economic downturn. 0:01:13.520 --> 0:01:16.680 Joining me on this edition of Bloomberg Studio one Point Oh, Doortosh, 0:01:16.720 --> 0:01:34.040 CEO and co founder Tony Shoe. Tony, it's so great 0:01:34.080 --> 0:01:38.560 to see you in person. Um. You went public in 0:01:38.600 --> 0:01:43.960 the pandemic. We're talking remotely, UM, but there's nothing quite 0:01:43.959 --> 0:01:46.360 like an in person interview, So thank you for being here. 0:01:46.840 --> 0:01:49.080 It's great to be here. You basically grew up in 0:01:49.080 --> 0:01:52.120 a restaurant, as I understand it. What was it like 0:01:52.640 --> 0:01:56.640 leaving China, moving to Illinois and starting this new life. 0:01:57.280 --> 0:01:59.880 It was a classic immigrant story in many ways, I 0:02:00.040 --> 0:02:02.680 would say, looking back, almost a fairy tale like journey, 0:02:02.720 --> 0:02:05.040 where you know, my parents came to the US with 0:02:05.040 --> 0:02:08.639 two or fifty dollars in the bank. We immigrated to Illinois, Champagne, Urbanna. 0:02:09.120 --> 0:02:11.480 My dad got his degree at the University of Illinois. 0:02:11.639 --> 0:02:13.760 My mom put food on the table by working three 0:02:13.840 --> 0:02:15.720 jobs a day, one of which did happen to be 0:02:15.760 --> 0:02:18.600 in a Chinese restaurant where I moonlighted as a dishwasher. 0:02:18.680 --> 0:02:21.160 So I got to hang out with mom that way 0:02:21.200 --> 0:02:23.120 as a way of growing up, and I did that. 0:02:23.200 --> 0:02:25.600 I mowed lawns, and that's really kind of how I 0:02:25.680 --> 0:02:29.480 saved up money to buy Nintendo games and do all 0:02:29.480 --> 0:02:32.000 the things that were the wonders of my childhood. What 0:02:32.040 --> 0:02:33.919 do you think you learned from that, you know, mowing 0:02:34.000 --> 0:02:38.800 lawns early, washing dishes early. I think two things. You know, 0:02:39.000 --> 0:02:41.880 one looking backwards, it's just that you have to work 0:02:42.080 --> 0:02:44.600 to actually get things done. I didn't understand what it 0:02:44.639 --> 0:02:47.200 meant to live off of food stamps um, to buy 0:02:47.240 --> 0:02:49.639 groceries or free and reduced lunch you know every day 0:02:49.720 --> 0:02:53.880 inside school. Um, but it was a very empowering feeling 0:02:53.919 --> 0:02:56.520 to buy my own Nintendo or earn my way to 0:02:56.600 --> 0:03:00.240 buy my first Apple computer. The second thing was really 0:03:00.240 --> 0:03:03.359 just the power of independent thinking. You know, my parents 0:03:03.600 --> 0:03:05.720 because they were so busy just trying to make a 0:03:05.760 --> 0:03:08.840 life for our family that I was largely left alone. 0:03:08.919 --> 0:03:12.639 So I grew up um, playing basketball, watching TV. That's 0:03:12.639 --> 0:03:15.720 how I learned English. I grew up moving around a 0:03:15.720 --> 0:03:18.040 lot as a kid, and as a result, I think 0:03:18.160 --> 0:03:20.400 that gave me a lot of time to realize that 0:03:20.480 --> 0:03:23.520 it's pretty important to think for yourself. So you studied 0:03:23.560 --> 0:03:27.960 engineering at Berkeley, went to business school at Stanford, and 0:03:28.000 --> 0:03:31.560 you actually started out as an intern at Square I did. 0:03:32.040 --> 0:03:33.720 I I can't tell you how many people have said 0:03:33.720 --> 0:03:36.680 to me, Tony Shoe was my intern. That's where like, 0:03:36.840 --> 0:03:40.200 that's how long I've been doing this and how you know, 0:03:40.440 --> 0:03:43.520 doortash just kind of came out of nowhere. Yeah, I 0:03:43.680 --> 0:03:45.760 you know, it was It was actually a pretty stiff 0:03:45.800 --> 0:03:49.720 competition between finishing school, Jack Dorsey and Keith. We're trying 0:03:49.720 --> 0:03:52.800 to convince me to leave Stanford and work at Square 0:03:52.800 --> 0:03:54.880 full time. It was a fun and busy period of 0:03:54.880 --> 0:03:56.880 my time, but but I enjoyed both. So how did 0:03:56.880 --> 0:03:59.080 the idea for doortosh come about? And the decision to 0:03:59.120 --> 0:04:01.640 not work for you know, Jack Dorsey and Square, which 0:04:01.640 --> 0:04:04.920 I'm sure was also kind of intoxicating, right. The idea 0:04:05.000 --> 0:04:08.560 for DoorDash really came from this, you know, lifelong interest 0:04:08.760 --> 0:04:12.400 in helping these physical business owners, really people like my mom. 0:04:12.440 --> 0:04:15.560 So we talked to hundreds of small business owners and 0:04:15.640 --> 0:04:19.200 it was surprising to us that even in delivery was 0:04:19.320 --> 0:04:23.560 not a solved problem. There were business owners who would 0:04:23.560 --> 0:04:26.920 show us literally booklets of delivery orders that they would refuse. 0:04:27.080 --> 0:04:29.880 I mean, we we're talking about thousands of dollars per week, 0:04:29.920 --> 0:04:33.000 which is you know, the difference sometimes between making payroll 0:04:33.080 --> 0:04:36.680 and and actually you know, surviving, and they would just 0:04:36.720 --> 0:04:38.760 turn them down because they were delivery orders, which to 0:04:38.880 --> 0:04:42.400 us was a really novel and unfortunate phenomenon and frankly 0:04:42.720 --> 0:04:46.040 unnecessary one. And that really became, you know, the impetus 0:04:46.040 --> 0:04:50.240 to start Tordosh. You started out driving for competitors, right, 0:04:50.600 --> 0:04:52.760 I was driving for a lot of different services to 0:04:52.800 --> 0:04:56.000 try to actually understand you know, logistics. You know, my background, 0:04:56.360 --> 0:04:59.039 as you mentioned more engineering math, I thought I was 0:04:59.040 --> 0:05:00.920 going to be a cancer these dreaman that's pretty much 0:05:00.960 --> 0:05:03.640 what I spent all of my undergraduate days at Berkeley doing. 0:05:04.279 --> 0:05:06.799 Um that kind of one eight into a world of business. 0:05:06.839 --> 0:05:09.040 But and so I think it's really important to really 0:05:09.120 --> 0:05:11.840 learn things for yourself, you know, to think from first 0:05:11.839 --> 0:05:14.120 principles kind of you know, again back to that independent 0:05:14.160 --> 0:05:16.279 thinking mindset I talked about as a child growing up, 0:05:16.279 --> 0:05:18.680 and try for uber Lift, I even drove for you 0:05:18.680 --> 0:05:20.320 know services they were a little bit older, you know, 0:05:20.400 --> 0:05:24.120 services like FedEx or Dominoes and really try to explore, 0:05:24.320 --> 0:05:27.719 you know, how does delivery work. And it was really 0:05:27.760 --> 0:05:30.400 trying to understand you know, every component part. I mean, 0:05:30.400 --> 0:05:33.680 it sounds really simple, right, bring you a burrito from 0:05:33.720 --> 0:05:36.080 point A to point B, but there were actually twenty 0:05:36.200 --> 0:05:40.000 steps involved in that delivery. It just didn't appear as 0:05:40.040 --> 0:05:42.960 obvious to the naked eyes. Of the first two years 0:05:42.960 --> 0:05:45.440 of door to ashes life, we did delivers almost every 0:05:45.440 --> 0:05:48.719 single day. So where did you go from there? I mean, 0:05:49.640 --> 0:05:52.400 I mean early days. I know Elon Musk has said 0:05:52.400 --> 0:05:55.680 starting a company is like swallowing glass and staring into 0:05:55.680 --> 0:05:57.520 the abyss of death. One of the first ones came 0:05:57.560 --> 0:06:01.039 actually as early as month three of the company's life, 0:06:01.040 --> 0:06:03.160 so we were maybe eleven weeks twelve weeks old as 0:06:03.200 --> 0:06:06.320 a company. Um, there was a big Standford football game 0:06:06.360 --> 0:06:10.000 in September and you know, long story short, we were 0:06:10.040 --> 0:06:13.159 laid on every single order and we had no ability 0:06:13.200 --> 0:06:15.080 to turn off the site. So it was just horrendous. 0:06:15.120 --> 0:06:17.440 Everyone in the company, all twelve of us, were delivering 0:06:17.760 --> 0:06:20.480 and everyone you know, rightfully so was furious because of 0:06:20.480 --> 0:06:22.800 how late we were. And so we had a decision 0:06:22.839 --> 0:06:24.600 to make, you know, do we do the right thing 0:06:25.080 --> 0:06:27.800 and refund you know, every single customer, which would have 0:06:27.839 --> 0:06:32.000 cost us about our bank account, um, or do we 0:06:32.120 --> 0:06:35.200 you know, do a less right thing and and survive 0:06:35.240 --> 0:06:37.760 another day because it was very hard for us at 0:06:37.800 --> 0:06:39.880 that time to raise capital, which you know was something 0:06:39.880 --> 0:06:43.280 true for Doordash's early history. And you know, it took 0:06:43.320 --> 0:06:47.560 us about thirty seconds to click submit refund, and you 0:06:47.600 --> 0:06:51.000 know the lesson for us always as a founding team 0:06:51.000 --> 0:06:53.160 and frankly even today as a as a company, as 0:06:53.200 --> 0:06:56.480 we'd rather die chasing excellence than lived to be mediocre. 0:06:56.800 --> 0:06:59.200 It wasn't so obvious either in the in the earlier years. 0:06:59.200 --> 0:07:02.920 I remember you did a down round. I think you 0:07:03.040 --> 0:07:05.320 actually came on the show around that time. How did 0:07:05.360 --> 0:07:08.080 you weather the doubters and the you know, the people 0:07:08.120 --> 0:07:11.040 who didn't believe There were about a thousand days in 0:07:11.080 --> 0:07:17.120 the desert between seventeen and eighteen. Sometimes with company building, UM, 0:07:17.240 --> 0:07:20.160 so long as you can convince yourself because time is 0:07:20.160 --> 0:07:23.200 your most precious resource, you should keep going. And if 0:07:23.240 --> 0:07:25.600 you can keep going long enough, you might get lucky 0:07:25.680 --> 0:07:27.960 enough to make it so over time, How did you 0:07:28.000 --> 0:07:31.080 balance quality with the need and desire to scale and 0:07:31.120 --> 0:07:34.320 then scale globally? In these types of businesses where it's 0:07:34.360 --> 0:07:37.880 low margin, high complexity, you really have to figure out 0:07:37.880 --> 0:07:40.240 what your unit of business is. You know, for us, 0:07:40.280 --> 0:07:43.040 that was a city. So in order to before going 0:07:43.160 --> 0:07:46.480 to seven thousand or ten thousand cities globally, we made 0:07:46.520 --> 0:07:49.880 one city work. And after city one worked, we made 0:07:49.880 --> 0:07:52.200 city to work. And after we started getting higher and 0:07:52.280 --> 0:07:54.800 higher confidence that we can make baskets of cities work 0:07:54.960 --> 0:07:58.880 irrespect of the geographies or what you know, the customer 0:07:58.960 --> 0:08:02.600 situation look like, or what the merchant makeup was. Then 0:08:02.680 --> 0:08:05.680 we gained the confidence to actually roll out everywhere. Then 0:08:05.760 --> 0:08:09.320 came the pandemic. Um Brian Chesky has said the pandemic 0:08:09.440 --> 0:08:12.720 was like a torpedo for Airbnb. Was it like the 0:08:12.760 --> 0:08:17.600 opposite for Doorda? It was like the biggest wave behind 0:08:17.720 --> 0:08:21.520 her back, which you know, had the ability to break us, 0:08:22.360 --> 0:08:26.120 and and and almost did because we grew two x 0:08:26.200 --> 0:08:29.640 in two weeks. We went from a singular US restaurant 0:08:29.640 --> 0:08:31.480 delivery business that's what you and I would be talking 0:08:31.520 --> 0:08:38.239 about in to today five businesses in twenty seven countries. 0:08:38.760 --> 0:08:42.040 You know, much more than just restaurants and and so 0:08:42.120 --> 0:08:44.000 all of that was created in the last two years. 0:08:44.200 --> 0:08:47.079 Georges went public middle of the pandemic, and I remember 0:08:47.080 --> 0:08:50.000 actually you were coming on Bloomberg and the price doubled 0:08:50.559 --> 0:08:52.480 at the open, and we were coming out of obviously 0:08:53.000 --> 0:08:56.000 terrible economic times. You know, the depths of the pandemic. 0:08:56.000 --> 0:08:59.400 What do they feel like when you know you're going 0:08:59.440 --> 0:09:01.320 on into the world starting to sell to public investors 0:09:01.320 --> 0:09:04.319 and the price just doubles. It was certainly very exciting. 0:09:04.320 --> 0:09:06.559 It was exhilarating. You know, it was the first time 0:09:06.600 --> 0:09:09.240 that you know, our company went public, the first time 0:09:09.280 --> 0:09:12.360 that I had ever undergone any of those types of 0:09:12.360 --> 0:09:15.080 experiences before. But at that, you know, in the back 0:09:15.120 --> 0:09:17.000 of my head at you know, it was that saying 0:09:17.040 --> 0:09:19.040 that you're never as good or as bad as they 0:09:19.040 --> 0:09:21.679 say you are, and so just remember that. So tease 0:09:21.720 --> 0:09:23.120 that out for me a little bit, because the big 0:09:23.200 --> 0:09:25.480 question is how much do customers keep ordering out in 0:09:25.520 --> 0:09:30.040 a high inflation environment, how much long term you know, 0:09:30.080 --> 0:09:33.680 sustainability and growth is there. Really, Even though Covid is 0:09:33.720 --> 0:09:37.719 now effectively sustained and we understand how to live with it, 0:09:38.520 --> 0:09:41.360 customers are continuing to order Those that joined us during 0:09:41.400 --> 0:09:43.559 the pandemic, they're still ordering out about the same rights 0:09:43.600 --> 0:09:45.520 as those who joined us before the pandemic. And that's 0:09:45.520 --> 0:09:50.920 because eating out and getting things delivered are pretty complimentary. 0:09:51.360 --> 0:09:53.600 On the second point around inflation, you know, I can 0:09:53.600 --> 0:09:56.680 say then the last sixty years, and looking at the data, 0:09:57.120 --> 0:10:01.640 spend in restaurants and engross have only declined in two 0:10:01.640 --> 0:10:04.840 of those sixty years, including high inflationary times, much higher 0:10:04.840 --> 0:10:07.840 than what we observe today. And so what I think 0:10:07.920 --> 0:10:10.960 I take um, you know, solacen, even though I see 0:10:11.000 --> 0:10:14.480 the fact that there is high inflation, is that customers 0:10:14.520 --> 0:10:17.800 are going to continue spending on food, and our job 0:10:18.000 --> 0:10:20.560 is to bring greater and greater affordability. More broadly, the 0:10:20.559 --> 0:10:23.920 economy is in a tough position. Your competitors have announced 0:10:24.000 --> 0:10:27.440 layoffs and hiring freezes and slow downs. Is door dash 0:10:27.520 --> 0:10:30.280 considering any of these? And I think we've been fortunate 0:10:30.360 --> 0:10:33.920 mostly because most of our investments that happened during the 0:10:33.960 --> 0:10:37.760 pandemic really were meant to build new businesses, and those 0:10:37.800 --> 0:10:40.720 new businesses have continued to grow. New businesses, you know, 0:10:40.880 --> 0:10:45.200 beyond restaurants in categories like grocery, convenience, um or retail, 0:10:45.520 --> 0:10:48.520 new businesses overseas. You know, we announced a large acquisition 0:10:49.000 --> 0:10:52.640 Involt where that really helped double our overall addressable market 0:10:52.720 --> 0:10:56.200 to seven million people. New businesses and building an advertising business, 0:10:56.360 --> 0:11:00.120 new businesses, expanding our services and building a platform to 0:11:00.160 --> 0:11:02.760 help businesses build their own digital operations. Do you see 0:11:02.800 --> 0:11:05.360 dortosh is more of a super app of the future 0:11:05.760 --> 0:11:09.440 or is it something different? Well, I see Doortash as 0:11:09.520 --> 0:11:12.080 really solving two problems. You know. Problem one is how 0:11:12.120 --> 0:11:15.000 do we bring incremental demand to all the physical businesses 0:11:15.080 --> 0:11:17.480 as they kind of figure out their own digital in 0:11:17.520 --> 0:11:20.360 house capabilities. And the second problem we're trying to solve 0:11:20.400 --> 0:11:23.000 is bring tools to these businesses. There's still a lot 0:11:23.040 --> 0:11:25.680 of competition and delivery. Who do you think survives the 0:11:25.760 --> 0:11:30.160 delivery wars? Who doesn't and why? Well, delivery is a 0:11:30.240 --> 0:11:32.960 scale economies game. You know, at the end of the day, 0:11:33.040 --> 0:11:36.240 you can survive even doing deliveries. From a singular story, 0:11:36.280 --> 0:11:38.280 you know, there's still mom and pop pizza shops and 0:11:38.360 --> 0:11:41.200 Chinese restaurants that do their own delivery. Do you see 0:11:41.200 --> 0:11:45.679 dortash as a challenger to like Walmart, Amazon, Well, I 0:11:45.720 --> 0:11:50.920 see doortash Um, you know, as a champion of local 0:11:50.960 --> 0:11:54.360 businesses and physical businesses. I don't think that a world 0:11:54.360 --> 0:11:57.000 in which we just get what we want to buy 0:11:57.120 --> 0:12:00.200 or consume for a few places is a world that 0:12:00.320 --> 0:12:03.760 again is as worth enjoying living in it. For our 0:12:03.840 --> 0:12:06.160 job is to make sure that all of these businesses, 0:12:06.240 --> 0:12:09.360 all of the millions of physical businesses globally, can continue 0:12:09.360 --> 0:12:11.880 to compete. I do a lot of door dash helps 0:12:11.880 --> 0:12:14.520 me be a working mom whenever I interview you. I 0:12:14.559 --> 0:12:17.360 get pings from dashers and some of them say they 0:12:17.360 --> 0:12:21.199 don't get paid enough. Some of them seem pretty angry. 0:12:21.400 --> 0:12:26.040 What's your response to them. We want the local economy 0:12:26.120 --> 0:12:29.680 to grow and to thrive. That includes dashers. We have 0:12:29.800 --> 0:12:32.560 three million dashers that come to the platform every single quarter, 0:12:32.600 --> 0:12:34.440 and so it's really important to me what they say. 0:12:34.440 --> 0:12:37.760 And it's in fact why you know the company myself included, 0:12:37.800 --> 0:12:40.400 we still Dash do deliveries. In other words, once a month. 0:12:40.800 --> 0:12:42.920 You still do deliveries once a month. It's why we 0:12:43.000 --> 0:12:46.560 have a Dasher Community Council that we started three four 0:12:46.640 --> 0:12:48.360 years ago. Now, I want to see one of your 0:12:48.360 --> 0:12:51.480 memos after a delivery? Are you like sending notes? I'm texting. 0:12:51.800 --> 0:12:53.920 It's not even after the delivery. I'm texting, you know, 0:12:54.720 --> 0:12:58.160 not texting while I'm driving, but texting after after I 0:12:58.200 --> 0:13:01.280 complete the order from your deliver rais what have you learned? Everything? 0:13:01.360 --> 0:13:05.280 All of the details, everything from you know, pay considerations, 0:13:05.520 --> 0:13:09.600 um UM, everything from UM operations at a store. You 0:13:09.600 --> 0:13:12.640 know which stores are a bit faster in their operations 0:13:12.720 --> 0:13:15.400 or more consistent, which stores are are less consistent. Where 0:13:15.400 --> 0:13:19.480 do you find the last parking space? In downtown San Francisco. UM, 0:13:19.520 --> 0:13:23.960 all of these details matter. They matter for efficiency, they 0:13:24.000 --> 0:13:28.480 matter for driver pay, they matter for merchant earnings. And 0:13:28.520 --> 0:13:31.480 so as a result, you know, what I say to 0:13:31.559 --> 0:13:34.480 dashers is please continue to talk to me. I'm just 0:13:34.559 --> 0:13:36.720 Tony at door Dash, and we're always trying to, you know, 0:13:36.760 --> 0:13:39.120 make things better. We're not saying that we're perfect, but 0:13:39.160 --> 0:13:41.440 when we look at um, you know the data that 0:13:41.480 --> 0:13:45.040 we've collected, you know, the average dasher is making an 0:13:45.080 --> 0:13:48.000 hour nationwide when they're on when they're doing deliveries and 0:13:48.080 --> 0:13:52.040 so and most ashes are pretty satisfied. So door Dash 0:13:52.080 --> 0:13:55.439 has been expanding internationally. Sounds like you're on the road 0:13:55.480 --> 0:13:58.080 a lot. I'm on the road. I am on the 0:13:58.160 --> 0:14:03.320 road u as Canada, Australia, at Japan, where elsewhere? Next? Germany, 0:14:03.360 --> 0:14:07.240 you know, Israel, Finland, UM, a lot of the Nordics. UM. So, 0:14:07.240 --> 0:14:11.520 so we're in we're in twenty seven countries, UM and 0:14:11.520 --> 0:14:14.360 and and a lot of that is run by you know, 0:14:14.400 --> 0:14:16.640 the Volts team that we were lucky to partner with. 0:14:17.200 --> 0:14:19.440 Beyond volt How are you thinking about M and A. 0:14:19.440 --> 0:14:22.000 Are there any verticals or areas in particular where you 0:14:22.080 --> 0:14:25.200 might be interested in acquiring. You know, we have five businesses, 0:14:25.440 --> 0:14:28.240 the US restaurants business, the new Categories business with a 0:14:28.320 --> 0:14:32.720 focus on comedians and grocery non US international twenty seven countries, 0:14:32.760 --> 0:14:34.880 are B two B business, and our ads business. So 0:14:34.920 --> 0:14:37.760 we have quite a full plate on M and A. Specifically, 0:14:37.960 --> 0:14:40.160 it's a high bar. M and A. I think sometimes 0:14:40.200 --> 0:14:43.600 looks a lot better on paper than can be achieved 0:14:43.600 --> 0:14:46.600 in reality. And I think it's because you're talking about, 0:14:46.640 --> 0:14:50.320 at the end of the day, combining human organizations, not 0:14:50.440 --> 0:14:54.120 just businesses or products or lines on a spreadsheet. I 0:14:54.160 --> 0:14:56.560 think you have to deliver upon that promise, and so 0:14:56.640 --> 0:14:58.800 for us the bar isn't just does it add to 0:14:58.840 --> 0:15:01.200 our business, but does it a actually add to our culture. 0:15:01.360 --> 0:15:05.480 You've been piloting rapid delivery, right, rapid delivery, But rapid 0:15:05.480 --> 0:15:08.640 delivery seems to be contracting. What are you seeing in 0:15:08.720 --> 0:15:11.200 your pilots? Is this some where you think you'll expand 0:15:11.320 --> 0:15:14.040 or no? So I think customers are always going to 0:15:14.160 --> 0:15:16.600 have expectations that go in one direction, right. I don't 0:15:16.640 --> 0:15:19.960 think we're going to want things delivered more slowly over time, 0:15:20.080 --> 0:15:23.160 or at higher prices or with less selection. Our core 0:15:23.320 --> 0:15:25.800 use case right now is lunch and dinner, which is 0:15:25.920 --> 0:15:29.640 highly repetitive, highly profitable, which allows us to invest in 0:15:29.720 --> 0:15:34.080 things like fast deliveries. You bought Chowbotics last year but 0:15:34.120 --> 0:15:38.760 shut it down. This is robotics, robotic kiosks, right. Um, 0:15:38.800 --> 0:15:42.360 I'm curious how you're thinking about AI and um, you 0:15:42.400 --> 0:15:44.560 know Uber shut down it's self driving stuff. Then they've 0:15:44.560 --> 0:15:47.760 started it back up. Um, you know, how are you 0:15:47.760 --> 0:15:50.560 thinking about AI and moonshots and some of this, you know, 0:15:50.600 --> 0:15:53.280 potential new technology and how it could help door dash 0:15:53.480 --> 0:15:56.080 or not? Like is it is it just not ready 0:15:56.120 --> 0:15:58.880 for prime time when it comes to platform shifts or 0:15:59.200 --> 0:16:04.920 new technology use AI, autonomy, you know, other types of technologies. 0:16:04.960 --> 0:16:07.880 I tend to like to make the investment. I think 0:16:07.920 --> 0:16:12.000 that's a more appropriate choice to not miss the shift. However, 0:16:12.240 --> 0:16:14.480 I think it's very important to get the pacing right. 0:16:14.760 --> 0:16:17.400 I still think that the merits behind what you know, 0:16:17.720 --> 0:16:20.880 we were trying to do in partnership with the Chabotics team, 0:16:21.000 --> 0:16:23.880 was was the right idea in which we can help 0:16:24.680 --> 0:16:30.200 restaurants effectively build you know, a cheaper cost product. That's 0:16:30.240 --> 0:16:33.440 ultimately what we were trying to do, but we weren't 0:16:33.480 --> 0:16:37.960 ready yet with the technology. You recently joined Metas board. 0:16:38.360 --> 0:16:41.240 What's it like working with Mark Zuckerberg. It's been fantastic, 0:16:41.280 --> 0:16:44.600 you know, it's been a terrific learning experience, you know, 0:16:44.680 --> 0:16:47.920 learning from Mark all the way to the incredible management 0:16:47.920 --> 0:16:51.440 team at that company. It's has a broad mandate of 0:16:51.480 --> 0:16:55.240 different products and as well as initiatives, and it's been 0:16:55.280 --> 0:17:00.240 a privilege. Facebook and that are very controversial platform. Um, 0:17:00.720 --> 0:17:03.200 there's you know, controversy about whether Facebook is really good 0:17:03.280 --> 0:17:05.920 for the world, whether Facebook should have as much power 0:17:06.000 --> 0:17:07.760 as it should. How do you think about that? And 0:17:07.840 --> 0:17:10.080 how are you advising Mark about how to use that power. 0:17:10.800 --> 0:17:14.640 With great power comes great responsibility. And I think Facebook 0:17:14.680 --> 0:17:17.879 has a lot of influence UM and met as you know, 0:17:18.000 --> 0:17:20.480 different properties as as you know, I'm sure you cover 0:17:20.920 --> 0:17:24.440 you know, served billions of people you know, every single day, 0:17:24.480 --> 0:17:26.960 and and and that that that's an enormous privilege and 0:17:27.000 --> 0:17:30.680 an enormous responsibility that they take incredibly seriously. Like should 0:17:30.680 --> 0:17:34.600 any company be more powerful than multiple governments combined? I 0:17:34.680 --> 0:17:37.479 don't think I see it, you know, exactly that way, right, 0:17:37.520 --> 0:17:41.119 because it's still a contract between between you know, the 0:17:41.280 --> 0:17:44.880 company and its users. I think what's important for men 0:17:45.040 --> 0:17:48.200 to do and they're doing this absolutely is how do 0:17:48.280 --> 0:17:51.000 we set the guard rails, you know, to make it 0:17:52.280 --> 0:17:56.400 fair safe for everyone? And this is very, very very difficult. 0:17:56.600 --> 0:17:59.320 You're also an investor a number of different startups. One 0:17:59.359 --> 0:18:02.520 of them is I'll yes, Web three company, any plans 0:18:02.560 --> 0:18:05.679 to accept crypto, any plans for DoorDash to accept crypto. 0:18:06.320 --> 0:18:09.400 Crypto right now is going through a period where it's 0:18:09.440 --> 0:18:12.440 trying to, you know, figure out what's next in terms 0:18:12.520 --> 0:18:16.200 of its use case. You know, I think everyone myself included, 0:18:16.560 --> 0:18:20.400 very bullish on the technology of what the blockchain enables. 0:18:20.520 --> 0:18:22.160 What do you think could be the future of blockchain 0:18:22.240 --> 0:18:26.639 technology in food delivery and delivery in general. Well, I 0:18:26.800 --> 0:18:28.960 I don't know if it's going to get applied directly, 0:18:29.440 --> 0:18:32.760 you know, to food or or or to delivery. I mean, 0:18:32.880 --> 0:18:36.040 I think, you know, it absolutely has the potential to 0:18:36.200 --> 0:18:41.200 create a new economic infrastructure, right and economic structure that 0:18:41.280 --> 0:18:44.520 can really serve as the basis for new banking systems 0:18:44.880 --> 0:18:47.840 um um in etcetera. And so I think that's something 0:18:48.040 --> 0:18:51.280 more that's tangential to the world of delivery. Obviously, payments 0:18:51.359 --> 0:18:53.480 is one part of of what we do, but it's 0:18:53.520 --> 0:18:55.320 not the central thing. So we're gonna do a little 0:18:55.400 --> 0:19:00.600 rapid fire, a little quicker fun questions. Favorite food I've 0:19:00.720 --> 0:19:06.000 ordered from eleven d different doorsh restaurants, So I actually 0:19:06.080 --> 0:19:10.320 like to try everything. Your business, idol. There are people 0:19:10.440 --> 0:19:13.480 in retail that I've admired. You know, the people that 0:19:13.640 --> 0:19:19.280 founded um everything from Walmart to Costco, UM, the team 0:19:19.320 --> 0:19:22.399 in Amazon, you know, in e commerce, the team UM 0:19:23.400 --> 0:19:25.600 Elon Musk and what he's trying to do. What about 0:19:25.640 --> 0:19:29.520 Elon must buying Twitter? If he has time to to 0:19:29.920 --> 0:19:32.400 to run a third company, I think that'd be fantastic 0:19:32.480 --> 0:19:34.479 for the world. You grew up in Illinois, you live 0:19:34.520 --> 0:19:41.080 in California. You like basketball? Ye, favorite team Warriors. I 0:19:42.600 --> 0:19:46.000 grew up in the golden days of Michael Jordan's you 0:19:46.040 --> 0:19:49.080 know Scottie Pippen and and actually you know both the 0:19:49.160 --> 0:19:51.600 early nineties as well as the later nineties in which 0:19:51.680 --> 0:19:55.120 they won three in a row. I'm still a Bulls diehard, 0:19:55.200 --> 0:19:59.080 even though we're in a rock patch right now. I 0:19:59.160 --> 0:20:01.640 wo you also like to run. You run marathons? Well, 0:20:01.720 --> 0:20:04.040 I don't run marathons today, so just to be clear, 0:20:04.080 --> 0:20:06.960 but I do run every day. So that's been my sanctuary, 0:20:06.960 --> 0:20:08.720 if you will, for the past ten years, Okay, you're 0:20:08.720 --> 0:20:11.000 still pretty young. How do you think having kids has 0:20:11.119 --> 0:20:14.240 changed you as a leader? You know, I think kids 0:20:14.280 --> 0:20:17.200 are amazing in that they're experiencing the world for the 0:20:17.280 --> 0:20:21.760 first time, being able to listen versus to you know, 0:20:21.960 --> 0:20:25.480 talk at or to dictate an opinion. You know. I 0:20:25.600 --> 0:20:28.760 think that's been, you know, a big lesson. I think 0:20:28.800 --> 0:20:33.399 the second one is the power of curiosity. You know, kids, 0:20:33.560 --> 0:20:36.320 especially my kids at their ages of two and four, 0:20:36.359 --> 0:20:40.160 are asking the question why a lot, and I think 0:20:40.240 --> 0:20:43.879 it's the best question, and it's so hard to answer 0:20:44.080 --> 0:20:48.240 because you know, it requires clarity of thinking on everything, 0:20:48.640 --> 0:20:51.760 on the most basic things, too more complicated things. How 0:20:51.800 --> 0:20:56.240 has being an Asian American CEO impacted your experience? Well, 0:20:56.280 --> 0:21:00.200 I think being an Asian growing up where I was 0:21:00.280 --> 0:21:02.680 the only Asian um and that was kind of my 0:21:02.800 --> 0:21:07.320 experience in Illinois certainly had a big experience and where 0:21:08.000 --> 0:21:13.200 um it very directly. You know, um, I saw firsthand, 0:21:13.400 --> 0:21:16.399 you know, whether it was bullying or discrimination. But but 0:21:16.520 --> 0:21:19.119 I think if I were more broadly classify that to 0:21:19.359 --> 0:21:22.600 the privileged position that I'm in today, I'm still a 0:21:22.720 --> 0:21:25.600 minority in the sense that there aren't as many Asian 0:21:25.640 --> 0:21:29.520 American CEOs or founders as maybe founders from other backgrounds, 0:21:29.560 --> 0:21:32.280 And so I think it's that reminder to you know, 0:21:33.480 --> 0:21:37.359 one always recognized that. And then I think, secondly to 0:21:37.440 --> 0:21:41.080 always keep the underdog mentality. Do you think you faced 0:21:41.400 --> 0:21:44.800 more challenges than others because Asian American CEOs are so 0:21:44.920 --> 0:21:48.240 under represent Asian Americans are underrepresentative in leadership roles in 0:21:48.359 --> 0:21:52.320 tech full stop? I can't say that, um, you know, 0:21:52.600 --> 0:21:56.840 for me personally in building door dash was that the experience? 0:21:56.960 --> 0:21:59.879 But look, I think it's your your writing calling out 0:22:00.080 --> 0:22:01.520 when I look around me and when I look at 0:22:01.600 --> 0:22:05.080 especially public company UM founder CEO as well, hey there 0:22:05.080 --> 0:22:07.800 aren't that many be when you start filtering for you know, 0:22:08.040 --> 0:22:10.720