WEBVTT - Uber CEO Dara Khosrowshahi Talks Future, Growth at the Bloomberg Tech Event

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Right now, Darak kazer Shahi, the CEO of Uber, sitting

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<v Speaker 2>down with Tom Giles in conversation live on Bloomberg.

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<v Speaker 1>Let's listen.

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<v Speaker 2>It came out of Uber earlier this week. Thank you

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<v Speaker 2>Natalie Lung for breaking that story about some changes upper management.

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<v Speaker 2>You promoted Andrew McDonald to chief operating disser. You were

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<v Speaker 2>quick to say you're not going anywhere anytime soon. You

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<v Speaker 2>also said in your note something that was a little

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<v Speaker 2>bit of a little enigmatic to those of us on

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<v Speaker 2>the outside that with Max stepping up, I intend to

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<v Speaker 2>put focus on our six strategic shifts, spending more time

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<v Speaker 2>with our tech teams.

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<v Speaker 1>Tell us about what are the.

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<v Speaker 2>Six strategic shifts and why do you need to spend

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<v Speaker 2>more time with the tech teams.

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<v Speaker 1>Well, I think if I talked about all six would

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<v Speaker 1>be here the whole time. But for example, one that

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<v Speaker 1>we talk about for us is coming much more of

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<v Speaker 1>a company in terms of the lifetime relationship with our customers.

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<v Speaker 1>And one of the reasons why actually I wanted to

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<v Speaker 1>bring back in as president COO. He's been at Uber

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<v Speaker 1>longer than I have, for thirteen years. He's an incredible

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<v Speaker 1>veteran incredible operator. Is that the power we see in

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<v Speaker 1>the Uber platform continues to increase. Now what I mean

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<v Speaker 1>by that is we have a relationship with you on

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<v Speaker 1>the ride side, a lot of you using Uber to

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<v Speaker 1>come here, Thank you very much. And then are Uber

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<v Speaker 1>eats business is almost as large as an Uber rides

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<v Speaker 1>business and growing very very quickly and accelerating if anything,

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<v Speaker 1>and looking at a customer right now, the way the

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<v Speaker 1>business was built, we essentially had a mobility business that

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<v Speaker 1>mac ran delivery business that Pierre Dmitri ran did a

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<v Speaker 1>terrific job, and it was almost like two businesses interacting

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<v Speaker 1>with you as a customer. And now the focus for

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<v Speaker 1>us is really moving to lifetime interaction with a customer,

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<v Speaker 1>looking at you not just as an Uber customer Uber

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<v Speaker 1>Ease customer, but overall as an Uber customer, and how

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<v Speaker 1>do we continue to build that relationship. For example, the

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<v Speaker 1>membership program that we've got Uber one gives you no

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<v Speaker 1>delivery fees and discounts on rides. We've got thirty million members,

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<v Speaker 1>and people who use multiple products on Uber tend to have,

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<v Speaker 1>you know, transact with us much more, tend to have

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<v Speaker 1>much more satisfaction with the product. And that's one of

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<v Speaker 1>the reasons I wanted to get an experience operating executive

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<v Speaker 1>to really focus on the overall relationship with a customer

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<v Speaker 1>rather than separate p and ls.

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<v Speaker 2>I think you said one in five of your customers

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<v Speaker 2>are using both mobility and delivery.

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<v Speaker 1>It's about now. It's closer to a third now, So

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<v Speaker 1>it's increasing statilist, so it's moving.

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<v Speaker 2>In the right direction, right, What do you do to

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<v Speaker 2>get that number higher? And where do you want it

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<v Speaker 2>to be in say three years.

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<v Speaker 1>Well, listen, we want to get to fifty percent. And

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<v Speaker 1>once we get to fifty percent, I want to go

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<v Speaker 1>higher than that. And it's about the little interactions every day.

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<v Speaker 1>For example, when I got a ride to the office

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<v Speaker 1>the other day and along the way, I was offered

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<v Speaker 1>a coffee from Phills to be ready for me along

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<v Speaker 1>the way to the office, right, And so it's those

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<v Speaker 1>little interactions that are value add to the consumer. It's like, great,

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<v Speaker 1>of course I want my morning coffee and if it

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<v Speaker 1>can be ready for me right on the way to work,

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<v Speaker 1>that's awesome. That is also a way to kind of

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<v Speaker 1>get me to use Uber East. For example, if I

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<v Speaker 1>didn't use it now. I use EAS all the time.

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<v Speaker 1>But it's these little interactions powered by AI, power by personalization,

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<v Speaker 1>understand the context of where you're going and there's a

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<v Speaker 1>coffee shop close by to give you that opportunity. It's

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<v Speaker 1>those experiences that we have to build more and more,

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<v Speaker 1>which is one of the reasons now I'm going to

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<v Speaker 1>work more with the tech teams because you know they're

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<v Speaker 1>they're the ones building these experiences.

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<v Speaker 2>I want to spend a little bit of time talking

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<v Speaker 2>about your relationship with Autonomous Yeah. Sure, it's been a

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<v Speaker 2>up and down for Uber over the years, even preceding

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<v Speaker 2>your tenure. You have stakes, and a lot of AV

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<v Speaker 2>companies talked recently about wanting to monetize some of those.

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<v Speaker 2>Can you tell us a little bit or your stakes

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<v Speaker 2>and your equity stakes? Generally you didn't specify av's but

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<v Speaker 2>I am curious. Have you identified where you want to

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<v Speaker 2>focus where? What do you want to free the cash up?

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<v Speaker 2>Is it about developing deeper relationships with a select number

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<v Speaker 2>of AV partners.

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<v Speaker 1>What's the strategy? So we want to essentially support the

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<v Speaker 1>AV ecosystem and continue to help that ecosystem develop and

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<v Speaker 1>then av's penetrate into the marketplace. Av we think represents

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<v Speaker 1>a safer way of transportation. Ultimately, we think it'll expand

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<v Speaker 1>the marketplace as it makes kind of safe transportation and

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<v Speaker 1>cities available to everybody. So we're big fans of AV

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<v Speaker 1>and generally we're working with multiple partners in the ecosystem

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<v Speaker 1>waymore for example, in Austin and Atlanta coming up wave AVRI.

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<v Speaker 1>There are probably eighteen partnerships that we have in the

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<v Speaker 1>AV ecosystem, and we want to help these players develop

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<v Speaker 1>by investing in them in some cases, but really by

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<v Speaker 1>working with them to bring their product to market. These

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<v Speaker 1>are technologies that are unbelievably promising, but they've taken billions

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<v Speaker 1>of dollars to develop and you know, ten plus years,

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<v Speaker 1>and it's one of those overnight successes that's kind of

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<v Speaker 1>taken twenty years of development, but it's finally ready to

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<v Speaker 1>hit market, and we want to help the ecosystem get there. Separately,

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<v Speaker 1>we have large stakes in many companies, you know, well

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<v Speaker 1>over five billion dollars that we think we can take

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<v Speaker 1>some of those steaks and essentially recycle them into additional

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<v Speaker 1>investments in the AV ecosystem. So over a period of

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<v Speaker 1>time we'll get it right, We've got a ton of

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<v Speaker 1>free cash fow of the companies one way or the other.

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<v Speaker 1>You know, the goal is to build up the av

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<v Speaker 1>ecosystem around our network.

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<v Speaker 2>Build up the av ecosystem. You guys have the UI

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<v Speaker 2>for example, that works really well. You have that customer

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<v Speaker 2>relationship that maybe some of them don't. So is the

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<v Speaker 2>idea you really want to kind of concentrate on a

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<v Speaker 2>fewer number or is it just keep the broad brush

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<v Speaker 2>broad number of av partners.

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<v Speaker 1>I mean, obviously we want to make sure that we

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<v Speaker 1>partner with the right players, and I'd say safeties is

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<v Speaker 1>the most important area. We want to make sure that

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<v Speaker 1>they pass with flying colors through our safety case, which

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<v Speaker 1>is actually pretty tough. But to the extent that the

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<v Speaker 1>tech is there, the team is there, safety is part

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<v Speaker 1>of the culture we want to work with them. So

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<v Speaker 1>there's a right now there are a number of promising

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<v Speaker 1>partners and you'll probably see the number of partners increase

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<v Speaker 1>for us.

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<v Speaker 2>Okay, you mentioned your relationship with Waimo. We had Sundar

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<v Speaker 2>last night. Asked him about when when he's going to

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<v Speaker 2>be able to take away from Mountain View all the

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<v Speaker 2>way up to San Francisco, We're not quite there yet,

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<v Speaker 2>but there are genuine concerns about the ways that you

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<v Speaker 2>are both a partner and a competitor to Weaimo. What

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<v Speaker 2>is the conversation like internally and with your board over

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<v Speaker 2>how you continue to deepen that what is a valuable

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<v Speaker 2>relationship as far as I can tell, but also keep

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<v Speaker 2>it from becoming something that starts to undermine your business.

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<v Speaker 1>Well, the relationship with Weimo. I think the press and

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<v Speaker 1>to some extent investors love to create drama because well

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<v Speaker 1>the hell. But you know, the type of relationship that

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<v Speaker 1>we have with Weaimo is very similar, for example, to

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<v Speaker 1>the type of relationship we'll have with a Starbucks coffee.

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<v Speaker 1>They're a great partner with Uber Eats, and at the

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<v Speaker 1>same time, Starbucks wants to have its own app and

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<v Speaker 1>wants to have interactions directly with the customer. And it

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<v Speaker 1>isn't an either or it's an ant. So we offer

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<v Speaker 1>Starbucks and Eats and they compete with us in some

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<v Speaker 1>ways with a Starbucks app and with their loyalty program,

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<v Speaker 1>and that's fine. That's the way business goes. Same thing

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<v Speaker 1>with Dominos Dominoes three years ago, was it going to

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<v Speaker 1>work with the platforms now works with the platforms and

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<v Speaker 1>in the same way. In San Francisco, yes, we compete

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<v Speaker 1>with Weamo to get rides here, but in Austin Atlanta,

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<v Speaker 1>we absolutely work with them. And what we're seeing in

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<v Speaker 1>Austin is, frankly, the launch is going better than we expected.

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<v Speaker 1>Number one is safety and obviously Wemo's the best at it.

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<v Speaker 1>And number two is customer love. And our customers are

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<v Speaker 1>loving kind of the delight and surprise of getting Awamo

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<v Speaker 1>and they're coming back. So I do think that this

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<v Speaker 1>is going to be It's not either or we're going

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<v Speaker 1>to be working together. Weimo is developing its own channels

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<v Speaker 1>and at the same time we can work together very

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<v Speaker 1>constructively as.

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<v Speaker 2>We head toward an increasingly a the future. I know

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<v Speaker 2>you've been asked about this before, but what are some

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<v Speaker 2>of the new ways that you're seeking to overcome that

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<v Speaker 2>challenge of reassuring drivers who are still an incredibly important

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<v Speaker 2>part of your ecosystem very much You have their backs,

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<v Speaker 2>but we also love these way moods that have no

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<v Speaker 2>driver in.

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<v Speaker 1>Them very much. So. So one is growth helps a lot, right,

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<v Speaker 1>So our business is growing almost twenty percent a year,

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<v Speaker 1>and on average we're going to need more drivers on

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<v Speaker 1>the platform for the next couple of years, and I

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<v Speaker 1>see that continuing for some period of time. So I

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<v Speaker 1>think drivers generally on our platform are going to be

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<v Speaker 1>more busy, are going to have more to do, and

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<v Speaker 1>the number of drivers on our platform and caurers on

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<v Speaker 1>our platform is going to grow. That's one. The second though,

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<v Speaker 1>is we're putting significant efforts in creating more work and

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<v Speaker 1>earnings opportunities for drivers and couriers. Right we started with

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<v Speaker 1>driving who we might to delivery. Now you can actually shop,

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<v Speaker 1>and there's a subsegment of careers et cetera who you

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<v Speaker 1>know will love their local Walmart, for example, or Albertson's

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<v Speaker 1>and you know shopping those stores or for Walmart, we

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<v Speaker 1>deliver those packages. And now we're actually going further where

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<v Speaker 1>we're developing now what we call Uber AI solutions, where

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<v Speaker 1>drivers are actually now labeling maps, translating language, looking at

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<v Speaker 1>AI answers, and grading AI answers. So, you know, one

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<v Speaker 1>way to look at Uber is that we are essentially

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<v Speaker 1>a transportation platform will help you go anywhere, get anything.

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<v Speaker 1>Another way to look at Uber is that we are

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<v Speaker 1>the largest on demand work platform on Earth and the

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<v Speaker 1>first use case for US is actually transportation, and now

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<v Speaker 1>we're expanding use cases into other use cases and knowledge

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<v Speaker 1>work is one of them. So I think as long

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<v Speaker 1>as we grow, as long as we are honest with

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<v Speaker 1>our drivers and couriers in terms of our expectations and

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<v Speaker 1>now expand the number of opportunities to them, I think

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<v Speaker 1>will be more than fine.

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<v Speaker 2>You're you're actually getting your drivers, You're encouraging your drivers

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<v Speaker 2>to help the AI and make it smarter. The AI

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<v Speaker 2>that's gonna it's it's going to be put.

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<v Speaker 1>Yeah, it's going to be a part of our life

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<v Speaker 1>going forward. And this is it's good work. And uh,

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<v Speaker 1>you know, certainly our drivers are qualified to do it.

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<v Speaker 2>How much of how much of their time do you

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<v Speaker 2>find their spending doing I assume this is like in

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<v Speaker 2>the course of a of a day's drive.

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<v Speaker 1>It's very it's very small compared to the overall workload. Right,

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<v Speaker 1>we're doing over thirty three million trips a day now

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<v Speaker 1>in terms of our main line segments. But it's a

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<v Speaker 1>Uber AI Solutions is a very very promising segment growth

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<v Speaker 1>segment for US, and I think in five ten years

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<v Speaker 1>it will be a significant part of the overall opportunities

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<v Speaker 1>that we're giving to our drivers and careers.

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<v Speaker 2>I want to talk about Bill Ackman sure his relationship

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<v Speaker 2>with Uber. It's nice to have a an activist who's

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<v Speaker 2>friendly as far as I can tell us about the

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<v Speaker 2>ways that you are interacting with Bill and how he

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<v Speaker 2>is encouraging Uber to be better.

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<v Speaker 1>Yeah. So Bill is one of the legendary investors out there,

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<v Speaker 1>and so I was very happy, Like I'm a fan

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<v Speaker 1>of his kind of investing fundamentals, long term, making big bets.

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<v Speaker 1>So I've always admired Bill. So when we found out

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<v Speaker 1>that he was a shareholder, is like right on. And

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<v Speaker 1>the cool thing about Bill as a shareholder is he

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<v Speaker 1>uses the product. He is intensely interested in the product's

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<v Speaker 1>and he's talking to his drivers, so he gives me

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<v Speaker 1>a lot of feedback and actually a couple of features.

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<v Speaker 1>You know, for example, he was leaving dinner one night

0:12:41.040 --> 0:12:43.680
<v Speaker 1>and he wanted to order ubers for his kids and

0:12:43.720 --> 0:12:48.480
<v Speaker 1>his parents, and for some technical reasons, we couldn't do

0:12:48.640 --> 0:12:51.360
<v Speaker 1>that at the time, and we built that feature based

0:12:51.400 --> 0:12:53.000
<v Speaker 1>on that idea, and it's proven to be a really

0:12:53.000 --> 0:12:55.560
<v Speaker 1>cool feature. So you want the kind of long term

0:12:55.600 --> 0:12:59.440
<v Speaker 1>investor that Bill is. But what's cool about it is

0:12:59.480 --> 0:13:03.240
<v Speaker 1>that he's actually, you know, he's brilliant, but he uses

0:13:03.280 --> 0:13:05.320
<v Speaker 1>a product and he uses in a constructive way. And

0:13:05.360 --> 0:13:06.840
<v Speaker 1>we've got a great relationship.

0:13:08.000 --> 0:13:14.600
<v Speaker 2>Speaking of relationships with folks on the East coast, you

0:13:14.600 --> 0:13:18.760
<v Speaker 2>you know, Silicon Valley has this really interesting relationship with

0:13:18.800 --> 0:13:22.440
<v Speaker 2>the Trump administration right now, this need to engage, but

0:13:22.559 --> 0:13:26.520
<v Speaker 2>also recognizing that there are policies that the Trump administration,

0:13:26.640 --> 0:13:32.680
<v Speaker 2>like any administration, is pursuing, that may not work so

0:13:32.800 --> 0:13:38.440
<v Speaker 2>well for the tech industry. No taxes on tips something

0:13:38.480 --> 0:13:41.760
<v Speaker 2>that's part of the legislation, something that you would say

0:13:41.800 --> 0:13:46.920
<v Speaker 2>you support. Can you talk about kind of the dialogue

0:13:46.920 --> 0:13:50.280
<v Speaker 2>that you have with the president and what kind of

0:13:50.360 --> 0:13:53.360
<v Speaker 2>feedback are you giving him on that, what kind of

0:13:53.360 --> 0:13:56.520
<v Speaker 2>feedback are you giving him on the tax bill more generally?

0:13:57.160 --> 0:14:01.840
<v Speaker 1>Yeah, so we want is taxes on tips is we

0:14:01.920 --> 0:14:05.679
<v Speaker 1>think a terrific piece of legislation. It will, if passed,

0:14:06.320 --> 0:14:09.400
<v Speaker 1>save our drivers and caurers hundreds of millions of dollars

0:14:09.440 --> 0:14:12.400
<v Speaker 1>in taxes that they would have otherwise paid. So we

0:14:12.440 --> 0:14:13.640
<v Speaker 1>are big supporters of that.

0:14:13.720 --> 0:14:16.160
<v Speaker 2>And I've put a specific number on that over a

0:14:16.200 --> 0:14:17.680
<v Speaker 2>time period, it's.

0:14:17.559 --> 0:14:19.440
<v Speaker 1>In the hundreds of millions. I don't know the specifics,

0:14:19.480 --> 0:14:24.359
<v Speaker 1>but it's significant, and we think it's a appropriately targeted,

0:14:24.800 --> 0:14:28.120
<v Speaker 1>you know, to a segment of the population that we

0:14:28.160 --> 0:14:31.640
<v Speaker 1>all want succeed. And I've been very supportive of that

0:14:31.720 --> 0:14:35.840
<v Speaker 1>directly with the President and our folks, with the staff,

0:14:36.200 --> 0:14:39.960
<v Speaker 1>and I see generally we engage with every administration out there,

0:14:40.000 --> 0:14:42.680
<v Speaker 1>both in on a federal level and on a state level.

0:14:43.560 --> 0:14:48.600
<v Speaker 1>We certainly engage with the Trump administration, and what I

0:14:48.840 --> 0:14:50.840
<v Speaker 1>like in terms of what I'm seeing is that it

0:14:51.000 --> 0:14:55.840
<v Speaker 1>is a pro growth, pro business in terms of kind

0:14:55.880 --> 0:14:59.440
<v Speaker 1>of common business interest administration, and we'll continue to engage

0:14:59.440 --> 0:15:00.840
<v Speaker 1>with them constructtively going forward.

0:15:00.960 --> 0:15:04.200
<v Speaker 2>There's a lot of rhetoric around immigration and a lot

0:15:04.240 --> 0:15:09.760
<v Speaker 2>of policies around immigration that have a mixed effect. What's

0:15:09.800 --> 0:15:13.120
<v Speaker 2>your message to the Trump administration when it comes to

0:15:14.200 --> 0:15:18.680
<v Speaker 2>limitations on immigration. You rely on immigrations, immigrants for build drivers,

0:15:19.080 --> 0:15:21.400
<v Speaker 2>for your engineers, across the board.

0:15:21.880 --> 0:15:24.840
<v Speaker 1>Yeah. So I think I'm an immigrant. You know, I

0:15:24.880 --> 0:15:27.040
<v Speaker 1>came here when I was nine years old. So I

0:15:27.120 --> 0:15:31.320
<v Speaker 1>am absolutely pro immigration generally for the US. But I

0:15:31.320 --> 0:15:35.040
<v Speaker 1>think there's no question that we should secure borders, and

0:15:35.320 --> 0:15:38.600
<v Speaker 1>so I think from that standpoint, we're very supportive our

0:15:38.720 --> 0:15:43.760
<v Speaker 1>drivers and couriers have been quite supportive of President Trump

0:15:43.760 --> 0:15:47.880
<v Speaker 1>as well for similar reasons. And I think with immigration,

0:15:48.000 --> 0:15:49.600
<v Speaker 1>you know, there is a dialogue for us to be had,

0:15:49.600 --> 0:15:52.720
<v Speaker 1>which is what is the right level of immigration in

0:15:52.760 --> 0:15:56.400
<v Speaker 1>this country, How you know, we select, how we qualify,

0:15:56.400 --> 0:15:59.680
<v Speaker 1>et cetera. That I'm hoping that we get to have

0:15:59.800 --> 0:16:02.840
<v Speaker 1>that dialogue as a country. And I think that dialogue

0:16:02.880 --> 0:16:05.200
<v Speaker 1>suffers from kind of the two sides shooting at each other.

0:16:05.800 --> 0:16:08.800
<v Speaker 1>But I think that if we can just come together

0:16:09.480 --> 0:16:13.320
<v Speaker 1>and recognize that this is a largely immigrant nation and

0:16:13.480 --> 0:16:17.480
<v Speaker 1>immigration done right can benefit society. Done wrong, it can

0:16:17.480 --> 0:16:19.600
<v Speaker 1>go the other way. So let's just focus on doing

0:16:19.600 --> 0:16:20.440
<v Speaker 1>it right well.

0:16:20.480 --> 0:16:24.440
<v Speaker 2>For example, and it's not necessarily that we're building a

0:16:24.600 --> 0:16:28.160
<v Speaker 2>wall on the northern border, but you, on your earnings

0:16:28.240 --> 0:16:31.720
<v Speaker 2>called talked about the ways that some of this sort

0:16:31.720 --> 0:16:35.920
<v Speaker 2>of unwillingness to come to the United States because of

0:16:36.280 --> 0:16:39.760
<v Speaker 2>some of its political stances toward foreign countries starting to

0:16:39.800 --> 0:16:40.720
<v Speaker 2>affect your business.

0:16:41.400 --> 0:16:48.200
<v Speaker 1>We've definitely seen Canadian immigration into the travel to the

0:16:48.320 --> 0:16:52.120
<v Speaker 1>US come down from historical levels. The good news for

0:16:52.240 --> 0:16:55.280
<v Speaker 1>Uber is that we're a global company, so to the

0:16:55.320 --> 0:16:58.480
<v Speaker 1>extent that Canadians are traveling to Europe. They use Uber

0:16:58.480 --> 0:17:00.440
<v Speaker 1>in Canada and they'll be able to use Uber in

0:17:00.440 --> 0:17:03.240
<v Speaker 1>Europe as well. So for US, the effect on the

0:17:03.240 --> 0:17:06.800
<v Speaker 1>business is changing business mix. Okay, But as long as

0:17:06.800 --> 0:17:10.240
<v Speaker 1>people travel and the global economies are doing well, which

0:17:10.240 --> 0:17:14.080
<v Speaker 1>they are, we're going to interact with consumers one way

0:17:14.119 --> 0:17:14.440
<v Speaker 1>or the other.

0:17:14.520 --> 0:17:17.800
<v Speaker 2>Have you seen any shifts since the last weight in

0:17:17.880 --> 0:17:18.600
<v Speaker 2>on this topic?

0:17:18.680 --> 0:17:21.800
<v Speaker 1>The biggest one is a Canadian shift and that has

0:17:21.840 --> 0:17:27.240
<v Speaker 1>there was a i say initial significant effect and we're

0:17:27.240 --> 0:17:29.280
<v Speaker 1>seeing some of that continue, not all of it continue.

0:17:29.640 --> 0:17:33.600
<v Speaker 2>You talked about the consumer sentiment holding up. What have

0:17:33.680 --> 0:17:37.520
<v Speaker 2>you seen since you last talked to the public about that.

0:17:37.720 --> 0:17:41.640
<v Speaker 1>Well, I'm not going to update obviously we're in the

0:17:41.680 --> 0:17:45.639
<v Speaker 1>middle of a quarter. But generally we have seen for

0:17:45.720 --> 0:17:48.920
<v Speaker 1>the past two years and that has continued until last quarter.

0:17:49.200 --> 0:17:53.639
<v Speaker 1>The consumer remains strong. We're not seeing any effects in

0:17:53.720 --> 0:17:56.439
<v Speaker 1>terms of, you know, lack of confidence, et cetera. We

0:17:56.520 --> 0:17:59.920
<v Speaker 1>look to see if consumers are trading down first am,

0:18:00.040 --> 0:18:03.200
<v Speaker 1>all the kinds restaurants that they're eating at, or are

0:18:03.520 --> 0:18:06.520
<v Speaker 1>reducing the size of let's say, the shopping baskets. We

0:18:06.560 --> 0:18:10.119
<v Speaker 1>don't see any signal whatsoever. The US consumer and generally

0:18:10.160 --> 0:18:15.360
<v Speaker 1>the global consumer has remained resilient, and obviously I'm hoping

0:18:15.400 --> 0:18:15.880
<v Speaker 1>that continuing.

0:18:16.640 --> 0:18:18.560
<v Speaker 2>I want to take just a couple of seconds before

0:18:18.680 --> 0:18:20.840
<v Speaker 2>I get kicked you get and I get kicked off, I.

0:18:20.840 --> 0:18:22.080
<v Speaker 1>Get kicked off. I think you're staying.

0:18:23.560 --> 0:18:29.000
<v Speaker 2>I understand that you are considering stable coin as a

0:18:29.119 --> 0:18:31.080
<v Speaker 2>vehicle or uber.

0:18:31.480 --> 0:18:32.600
<v Speaker 1>Talk about where.

0:18:32.400 --> 0:18:35.200
<v Speaker 2>Your considerations are and how that might benefit your business.

0:18:35.320 --> 0:18:37.560
<v Speaker 1>Yeah, we're still in the study phase, I say, but

0:18:37.640 --> 0:18:40.639
<v Speaker 1>I think stable coin is one of the for me,

0:18:40.960 --> 0:18:45.720
<v Speaker 1>more interesting instantiations of crypto that has a practical benefit

0:18:45.760 --> 0:18:48.280
<v Speaker 1>other than crypto's a store value. You know, obviously you

0:18:48.280 --> 0:18:51.679
<v Speaker 1>can have your opinions on bitcoin, but it's a proven commodity,

0:18:51.720 --> 0:18:54.920
<v Speaker 1>will and you know, people have different opinions on where

0:18:54.920 --> 0:18:57.560
<v Speaker 1>it's going. But I do think that stable coin is

0:18:57.640 --> 0:19:01.320
<v Speaker 1>quite promising, especially for global companies that are moving money

0:19:01.320 --> 0:19:06.400
<v Speaker 1>around globally, to create a mechanism for us to essentially

0:19:06.400 --> 0:19:10.080
<v Speaker 1>reduce costs in terms of moving money internationally. So that's

0:19:10.080 --> 0:19:12.120
<v Speaker 1>super interesting to us and we're definitely going to take a.

0:19:12.040 --> 0:19:16.159
<v Speaker 2>Look taking a look at it closely. Dara, thank you

0:19:16.200 --> 0:19:18.400
<v Speaker 2>so much for joining us, Thank you for having tech

0:19:18.760 --> 0:19:20.520
<v Speaker 2>is great to have you here. Please, thank you for

0:19:20.560 --> 0:19:21.560
<v Speaker 2>giving me a round the block.

0:19:24.359 --> 0:19:28.240
<v Speaker 1>That was Bloomberg Senior Executive editor for Global Technology Tom Giles,

0:19:28.240 --> 0:19:30.920
<v Speaker 1>sitting down with the CEO of Uber, Dara Kosher shahe

0:19:30.920 --> 0:19:33.760
<v Speaker 1>at the Bloomberg Tech Summit out in San Francisco. Seen

0:19:33.800 --> 0:19:35.880
<v Speaker 1>and heard live here on Bloomberg TV and radio.