|Bid||0.00 x 800|
|Ask||0.00 x 800|
|Day's Range||43.16 - 44.09|
|52 Week Range||36.08 - 47.08|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||2,398.89|
|Earnings Date||Aug 8, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||53.86|
Turo CEO Andre Haddad discusses IAC's $250 million investment, and why car-sharing is the next big thing.
After making headlines with its astonishing public debut without the help of bankers, Slack (WORK) seems to have lost steam in July.
The programis launching this weekend at New York's LaGuardia Airport, the company says,and the plan to roll out a similar experience at other airports in the futurestill remains
(Bloomberg) -- Lyft Inc. wants its riders in America’s largest city to know that they might not need to take a Lyft. They can just ride the subway.Over the next few months, Lyft said users of its app will be able to access real-time public transportation information in New York City. The move marks another twist in the ride-hailing industry’s fraught relationship with New York, which is both home to the world’s most heavily used public transportation network and the site of a history of legal tussles between the companies and city officials.The app update shows users the locations of nearby subway and bus stations, as well as docks for Citi Bike, the New York bike-share program operated by Lyft. The features are part of a bid to keep users engaged on the platform, rather than navigating away to a different app for subway or bike information. It’s a calculated bet that more info won’t tempt too many people to take the train instead of calling a Lyft.Lyft has begun rolling out the update and will continue to do so gradually. All New York users will receive the new features by the end of September, the company said. “Lyft’s mission is to provide the world’s best transportation, and that definitely includes public transit,” said Lilly Shoup, the senior director of transportation policy. In cities like New York, public transit can be faster and more convenient than driving, she said.While Lyft will provide riders with up-to-date subway arrival times, the company doesn’t have a formal partnership with the city of New York. Riders will still need to swipe their MetroCard to access the subway.The new offerings may serve to endear Lyft to New York’s lawmakers, who have recently passed new rules targeting the ride-hailing industry. City officials have been vocal critics of the company and its competitors, saying they have driven down driver wages and worsened traffic. Lyft sued New York this year in a bid to prevent the implantation of a new driver minimum wage law, but a judge dismissed the suit in May.The addition of subways and buses is a step for Lyft toward its ultimate goal of being an all-encompassing transportation service. Both the company and its larger rival, Uber Technologies Inc., have told investors they want users to remain on their apps no matter the mode of transit. As they geared up for their initial public offerings this year, both companies touted their respective integrations with other subway systems and public transit services.Uber said recently that it had sold more than 1,200 bus and train tickets in Denver as part of a partnership with public transit there. Lyft already has public transportation data in Boston, Chicago, Denver, Los Angeles, Seattle and Washington, the company said.The two companies have also moved aggressively into bike-sharing. Lyft’s acquisition last year of Motivate, the operator Citi Bike, gave it a massive fleet of bicycles in New York, with plans to expand to 40,000 in 2023. Meanwhile, Uber has a fleet of 400 electric Jump bikes in the Bronx and Staten Island.Lyft said integrating more services into its app is a natural step, particularly because many journeys involve more than one mode of transit. “One of our busiest Citi Bike stations is the one outside Grand Central,” Shoup said. “We can really expand the effectiveness and the reach of transit.”Uber is still by far the largest player in the business of getting people around in cars in New York. But both companies have hit roadblocks as the city has cracked down on ride-hailing. Uber and Lyft have each sued city agencies over different rules and started to experiment with creative tactics to address new restrictions. An Uber lawsuit attempting to derail a cap on drivers is ongoing; Lyft lost its suit contesting driver pay rules, though it could appeal.Lyft has begun preventing drivers in New York from accepting rides if they’re in low-demand parts of the city. That’s in response to a rule expected to go into effect next year that would require companies to pay drivers based on how many trips the average driver receives per hour. The rule is expected to advantage Uber, which has more riders and drivers.Meanwhile, Uber is laying out a plan in response to rules that would charge ride-hailing drivers extra if they’re hanging around in the core of Manhattan without a passenger. Uber has made inquiries about purchasing a parking lot to hold about 250 cars just outside the heart of Manhattan. Cars would sit parked and then drive into the city’s core only after a passenger requests them. Crain’s New York Business first reported on the possible parking lot.Uber said it’s worried that drivers would otherwise crowd streets around the perimeter of the proposed regulated zone. “If the city passes the proposed ‘cruising cap,’ we want to be prepared to help mitigate the inevitable congestion that will be caused by app drivers waiting to access the central business district,” Alix Anfang, an Uber spokeswoman, wrote in an email. One time-honored congestion solution, of course, is taking a train.To contact the author of this story: Eric Newcomer in New York at email@example.comTo contact the editor responsible for this story: Anne VanderMey at firstname.lastname@example.org, Mark MilianFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Yesterday, the Wall Street Journal reported that Adam Neumann, WeWork’s co-founder and CEO, sold some of his stock and has borrowed against his shares in the coworking giant.
Tomorrow, Lyftand Uber drivers will convene outside Uber's San Francisco headquarters tomake their voices heard
At the same time, I wrote a series of four articles on the latest transport technologies, and the waves they would create with perspectives focused on the impact on retail, commercial real-estate, short-haul travel and hyperloop. Among those predictions was the impact hyperloop and autonomous vehicle technology would have on commuting, short-haul air travel and the retail industry. Since then, these technologies have continued to develop and evolve, and it’s worthwhile to revisit assumptions and assertions.
(Bloomberg) -- After surviving a two-day battering on Capitol Hill, now comes the hard part for Facebook Inc.: turning its 12-page white paper into a legitimate cryptocurrency in the face of deep skepticism from central banks, regulators and politicians of all stripes.David Marcus, the Facebook executive leading its blockchain efforts, spent much of his time at congressional hearings this week apologizing for the past mistakes of his employer. When he wasn’t defending Facebook, Marcus tried to explain how Libra -- the proposed currency -- would actually work. He said repeatedly that he wants to work with Congress and regulators to get Libra off the ground, and has no plans to debut the new currency before regulatory bodies are satisfied.“Nothing is launched and nothing will launch until all concerns are addressed,” Marcus said Wednesday. He reiterated a version of that promise over and over during more than six hours of testimony in Washington this week before members of the House Financial Services Committee and the Senate Banking Committee.Still, large existential questions remain about the project, including who or what will be regulating Libra. Marcus said it was not his place to decide who Libra’s regulator would be, though he appeared to reject the idea that Facebook should be treated like a bank. Marcus denied that the company would offer banking services, and also argued that he doesn’t believe Libra is a security that should fall under the Securities and Exchange Commission.Those issues are unlikely to be resolved soon, since the Libra currency doesn’t yet exist; and the Libra Association, the governing body made up of Facebook and other institutional partners that will be charged with overseeing the currency, has yet to be fully formed.The 28 companies that currently make up the association have not yet drafted a charter, and still must appoint a board and a general manager. Libra will also face additional concerns from international regulators and lawmakers, which could further delay its progress.In the meantime, two people familiar with Facebook’s cryptocurrency plans say the hearings did not give the company any immediate reason to change course.The people, who asked not to be identified because the planning is private, also said that Facebook’s team hoped that other members of the Libra Association would be more active in conversations with the media and with regulators. Of the group’s 28 “founding” members, including PayPal Holdings Inc., Visa Inc. and Uber Technologies Inc., Facebook is the only one that testified before Congress, and is by far the company most closely associated with the effort.Over the course of the hearings, a few central questions emerged. Here’s what we know now about how Facebook and the Libra Association will try to answer them in the coming months.1\. What is Libra, exactly?The coin’s legal classification remains murky, which could pose challenges for federal watchdogs eager to slide the token into the U.S.’s existing regulatory regime.Some observers have argued that Libra resembles a mutual fund or exchange-traded fund that is based on an index, an investment that would be regulated by the SEC. Labeling Libra a similar product could provide policy makers the hook they need to police the coin, while also giving regulators a mechanism to slow the project down as Facebook goes through a lengthy SEC approval process.At Wednesday’s hearing, Marcus insisted the coin is a just “payment tool” or maybe a commodity that shouldn’t be subject to the SEC’s rules.2\. Is Facebook getting into banking?Marcus went to great lengths in his Senate and House testimony to insist that the company was not. There won’t be bank accounts; holders of Libra won’t be earning interest; and Facebook won’t be taking deposits, he told lawmakers.“It’s like digital cash,” Marcus said. One reason Facebook wants to stay away from these activities is that they would require a federal banking charter. That would open the company up to much stricter oversight, likely by the Office of the Comptroller of the Currency and the Federal Reserve. The company would face many new, costly regulatory requirements like capital standards and stepped-up disclosures. It would also be subject to monitoring by government examiners.3\. Why is the Libra Association headquartered in Switzerland?This was a very popular question from members of both the House and Senate. Lawmakers raised concerns that Facebook set up the Libra Association in Switzerland to avoid U.S. regulations. Marcus said that was not the case, and said that the location of Libra’s headquarters had “nothing to do with us evading our responsibilities.”Marcus said that Switzerland offered Libra an “international platform” so that it would be recognized globally, and noted that Switzerland is home to other global institutions, like the World Trade Organization.4\. How will Facebook make money from this?In the short term, Marcus says Libra will improve Facebook’s advertising business by increasing the amount of commerce that happens through Facebook’s products. If more people have digital wallets, they may be more likely to make purchases through Facebook or its other properties, like Instagram or Messenger. That, Marcus says, makes Facebook’s ads more valuable because it gives marketers more incentive to reach users with money at their disposal.Marcus also said that it’s possible Facebook could one day offer financial services, including, potentially, loans, but that those products would be done through partnerships with an existing bank, allowing the company to avoid opening a bank of its own.5\. What, if anything, can Congress actually do to stop Libra?While both chambers of Congress are clearly concerned, whether or not they will pass any legislation that would affect the project is less clear. House Financial Services Committee Chairwoman Maxine Waters, a California Democrat, discussed a bill that would bar large tech platforms from being financial institutions -- possibly blocking Libra -- though it’s unclear how much support such a proposal would garner.Other lawmakers discussed creating a regulator just for digital currencies or using broader data privacy legislation to address Libra. But so far, there’s no consensus on a resolution. As Congress nears its August recess, it’s unlikely any of those issues will be addressed quickly.\--With assistance from Austin Weinstein, Ben Bain and Robert Schmidt.To contact the reporters on this story: Kurt Wagner in San Francisco at email@example.com;Julie Verhage in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Jillian Ward at email@example.com, Anne VanderMey, John HarneyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Uber is taking its retail offerings up a notch. Last year, the company teamed up with Cargo to let drivers hawk goods ranging from snacks to phone chargers. Now, Uber and Cargo are hoping riders will buy more expensive products, like Amazon Echos, Apple AirPods, Oculus devices and Glossier make-up.
Uber is launching a new shopping app with commerce partner Cargo, a startupwith which it signed an exclusive global partnership last year
"We consider these (current) terms to be unfair because they appear to cause a significant imbalance between restaurants and Uber Eats," the Australian Competition and Consumer Commission (ACCC) Chairman Rod Sims said on Wednesday. The ACCC said Uber Eats will amend terms to clarify that restaurants will only be responsible for matters within their control such as incorrect orders.
Uber said on Wednesday it was launching ride-hailing services in Germany's second city, Hamburg, as it seeks to achieve scale in a country where it has met resistance from local taxi firms, city governments and the courts. The $75 billion platform, which connects drivers and passengers in 100 European cities, is launching its low-cost UberX option in Hamburg along with Uber Taxi, a traditional taxi service, and Uber Green, which uses electric vehicles. Hamburg is the sixth German city in which Uber Technologies Inc has rolled out its full range of services, following a pledge last year by CEO Dara Khosrowshahi to make a fresh start https://www.reuters.com/article/us-tech-germany-uber/uber-ceo-focused-on-responsible-growth-seeks-fresh-start-in-germany-idUSKBN1FB1ZA in Europe's largest economy and seek responsible growth.
Let’s say you’re one of the most high-profile start-ups of the decade...but you also have a reputation for deep institutional sexism. How do you change your image and fix the imbalance at your company? Well if you’re Uber, you make sure executives know it is worth their while, as the ride sharing company has announced that it will factor in whether top officials, including CEO Dara Khosrowshahi, have met diversity goals before handing out the next round of bonuses. Bonus Beats The bonus benchmark policy calls for Uber to raise the number of women in managerial positions to 35 per cent by 2022, while also raising the percentage of under-represented employees at mid-level roles to 14 per cent. The company declined to disclose the current levels of representation, and also did not say how contigenet bonuses are on hitting the diversity goals. Culture War Uber has reportedly had problems with sexism since starting a decade ago, as founder and former CEO Travis Kalanick has been accused of creating a culture of sexism and fostering a hostile workplace for female employees. The company has been investigated by the US Equal Employment Opportunity Commission for gender discrimination, and Kalanick left the company in 2017, around the same time former US Attorney General Eric Holder was hired to conduct an investigation into Uber's sexual harassment issues, which led to 20 people being fired. Tying executive pay to diversity and inclusion metrics was one of Holder’s recommendations. Measure Up Uber is not the only company to tie executive pay to inclusion goals, as Microsoft has also adopted similar measures, and as shareholders and activists continue to continue to urge companies to tie metrics, like diversity or decreasing their carbon footprints, to c-suite bonuses. -Michael Tedder Photo: Rodrigo Garrido / REUTERS
In an interview with Cheddar TV, IPO Edge Editor-in-Chief John Jannarone argues that much of the venture capital money from big exits this year - Uber, Pinterest, Lyft, Slack, and Zoom - may well get piled back into VC funds. However, it's worth remember what happened when the music stopped 20 years ago after the […]
Uber Air, the transportation company's upcoming flying taxi service, needsvehicle partners in order to make it a reality
(Bloomberg Opinion) -- Domino’s Pizza Inc. didn’t come in hot in the second quarter. The pizza-delivery chain said Tuesday that comparable sales at its U.S. restaurants rose 3% in the period from a year earlier, well below the 4.6% growth analysts had expected.Shares fell in early trading, and, to a certain extent, that is understandable. But this quarter’s results didn’t leave me with any fresh concerns about Domino’s long-term strategy or its ability to hold its own amid major changes in the U.S. food delivery market. While a 3% increase in comparable sales represents a slowdown in growth for an industry darling, it is still a solid result at a moment when restaurant traffic generally remains so weak. There’s another key reason that I am less alarmed by Domino’s comparable sales slowdown, even if it is more abrupt this quarter than expected. And that’s because it’s all part of a sensible strategy to adapt to a more competitive food-delivery environment.Domino’s is in the process of doing something it calls “fortressing.” Essentially, it means adding more locations in a concentrated area. The theory is that closer proximity to customers means better service in the form of shorter wait times and pizzas arriving hot. Additionally, the company has found that this approach tends to generate more carryout sales, which are often incremental business it wouldn’t have gotten otherwise. The downside of bulking up its restaurant portfolio in certain areas is that it creates pressure on Domino’s comparable sales, with revenue transferring from one store to another. Domino’s has said this created a comparable sales headwind last year of between 1% and 1.5%.I’m typically very skeptical of any established chain – restaurant or mall-based – embracing a massive store opening plan, given how saturated the U.S. market is. But Domino’s is an exception. With its focus on off-premise eating, cutting the time it takes to get from stores to customers is crucial to keeping itself differentiated as third-party delivery services such as DoorDash, Uber Eats and GrubHub Inc. barrel into more metro areas and give diners an explosion of choice for eating at home. In fact, Domino’s acknowledged feeling the heat of third-party services in the previous quarter, saying back in April that newcomers’ aggressive marketing promotions had been a competitive challenge.Better service also should help Domino’s maintain its edge against more traditional rivals such as Yum Brands Inc.’s Pizza Hut, which has been courting value-conscious diners with deals like a $5 medium pizza and a bigger push in delivery.Importantly, it seems Domino’s is trying to execute the fortressing plan in a way that shouldn’t roil its franchisee base. Executives have noted that a single franchisee is opening the fortressed stores within their own territory, so he or she is retaining transferred sales and seeing improved store-level profitability.I expect the rise of food delivery to massively disrupt the restaurant industry over the next decade. Domino’s is right to take a short-term hit to comparable sales – while it is in a position of real strength – to gird itself for the onslaught of competition.Plus, the fact that Domino’s didn’t revise its three- to five-year outlook on Tuesday suggests that the second-quarter results aren’t viewed internally as any kind of inflection point.Booming comparable sales growth can be comfort food for investors. Even though Domino’s didn’t offer that this quarter, it’s still on the right track. To contact the author of this story: Sarah Halzack at firstname.lastname@example.orgTo contact the editor responsible for this story: Beth Williams at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Sarah Halzack is a Bloomberg Opinion columnist covering the consumer and retail industries. She was previously a national retail reporter for the Washington Post.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Reversing a lower court ruling, the 2nd U.S. Circuit Court of Appeals in Manhattan ruled 3-0 that the ban did not violate the First Amendment, in a case brought by a technology company that places digital content inside ride-sharing vehicles. The ban included an exception for Taxi TV, which the city's Taxi and Limousine Commission lets medallion cab owners display to offset the cost of installing mandatory technology to help passengers monitor their fares and pay by credit card.