Reporter for the Wall Street Journal covering aging startups / ridehailing / money. If you're wondering if a tweet was sarcastic, the answer is yes.
RT @ryanhutchins: News: New York and New Jersey to move forward with plans for a new midtown bus terminal. @danarubinstein with the scoop:…
" After a few taps on goPuff’s app, customers can get 750 cans of Natural Light delivered for a few hundred dollars, a mountain of beer fit for a fraternity party. Mint-flavored Juul pods are popular, too,"
Oh my. Also, see, even startups no one's ever heard of are worth over $1 B! #everystartupisworthoveronebillion https://twitter.com/coryweinberg/status/1131247719144599552
"Obviously, there is no profitable way for Uber to pay drivers $27.86 per hour by generating fares like $5.60 for 25 minutes." how succinct http://nymag.com/intelligencer/2019/05/ubers-irrational-pricing-is-a-problem-for-policymakers.html
RT @BondHack: Forget about Goldman Sachs and Mizuho, SoftBank is also borrowing more than ever from Mrs Watanabe. Masayoshi Son's group is…
Amazon warehouse workers "play" "games" called MissionRacer, PicksInSpace, Dragon Duel and CastleCrafter to do "work" https://www.washingtonpost.com/technology/2019/05/21/missionracer-how-amazon-turned-tedium-warehouse-work-into-game/?utm_term=.92152a8c4628
"People struggling with addiction and mental illness sleep on the streets outside unicorn startups and shoot up in front of City Hall. Some of the companies that the city has incubated are now seen to be invasive, rapacious, extractive, creepy;" https://www.newyorker.com/news/letter-from-silicon-valley/in-san-francisco-tech-money-doesnt-buy-happiness
Wow. Also, the Globe used to have like 500,000 print subscribers :( https://twitter.com/DavidUberti/status/1130594460864307201
whoa https://twitter.com/DavidUberti/status/1130594460864307201
Stephen Ross on NYT article about Hudson Yards tax breaks: "That's insane" "That's the New York Times trying to control the city" (in video) https://www.wsj.com/articles/stephen-ross-hits-back-at-critics-of-hudson-yards-project-11558383057?mod=hp_lead_pos5
Pretty hard for ridehail apps to compete with this: https://www.sfchronicle.com/bayarea/article/Magic-echo-chamber-discovered-in-San-13851900.php#photo-17477180
RT @owashb: State/local officials, not just companies/consultants, are beneficiaries of the incentives game: they can take credit for busin…
Great inside look at the 'site selector' industry -- the time honored craft of pitting states against each other to bid for companies looking for offices or manufacturing plants. Governors wine and dine selectors; quail hunts, ski trips etc https://www.wsj.com/articles/meet-the-fixers-pitting-states-against-each-other-to-win-tax-breaks-for-new-factories-11558 152005?mod=hp_lead_pos5
🔥 "I attended his talk at a conference last summer in Aspen and was amazed by his ability to speak for an hour without actually saying anything. But what the media wanted is different from what the markets wanted, and still want, from Uber."
Uber isn't innovating enough: Bradley Tusk, Uber investor "when you let concerns about appearances govern all of your actions, there will be consequences once the dust settles and the smoke clears." https://www.ft.com/content/26ed534c-76f4-11e9-b0ec-7dff87b9a4a2
In fairness, I think non-cynical journalists also have noted this nearly universal practice https://twitter.com/paulg/status/1128725276739788800
Welp, Pinterest is back to where traders initially thought it was post-IPO
""Quiet Mode," which the ride-hail giant says was launched in partnership with home styling guru Martha Stewart, allows customers to request that their driver not engage them in conversation." https://www.cbsnews.com/news/uber-quiet-mode-new-uber-black-feature-allows-riders-to-silence-drivers/
Uber in talks for 450k SF in a giant old Chicago post office That's enough space for +/- 3000 employees https://twitter.com/ryan_ori/status/1128803060652957703
Some We-adjustments: WeWork changed its definition of 'enterprise' customers, who now are 40% of sales under the new definition https://www.bloomberg.com/news/articles/2019-05-15/wework-posts-264-million-quarterly-loss-as-it-expands-globally And it stopped reporting occupancy, which was down to 80% as of the 4th quarter https://www.wsj.com/articles/as-weworks-losses-mount-it-aims-to-distance-itself-from-uber-11557954423?mod=e2tw
Meanwhile, the rent tally paid by WeWork to the CEO went up in 2018 vs 2017
WeWork's CEO plans to sell his properties (which he leases to WeWork) to a WeWork-run real estate fund at cost--an effort to mitigate conflict of interest concerns https://www.wsj.com/articles/wework-forms-new-2-9-billion-real-estate-investment-fund-11557932362
Lotta great stuff in this @ellenhuet piece on WeWork including... "Neumann took control of 65 percent of WeWork’s voting equity as part of a 2014 funding deal—while celebrating, he partied so hard he broke a floor-to-ceiling window in his office" https://www.bloomberg.com/news/features/2019-05-15/wework-wants-to-be-its-own-landlord-it-also-wants-2-8-billion
Continued confirmation of my theory that every startup is worth $1 B or more https://www.wsj.com/articles/online-luggage-retailer-away-lands-1-4-billion-valuation-as-it-plots-expansion-11557871101
"We have experienced and expect to continue to experience Driver supply constraints in most geographic markets in which we operate" - Uber S-1 https://twitter.com/TheLeadCNN/status/1128431411730554880
All those Lyft discounts, in Q1 --> "The increase was primarily due to an increase of $64.7 million in costs driven by greater use of targeted rider incentive programs in our ridesharing marketplace to increase rider loyalty and ride frequency" https://investor.lyft.com/node/6726/html
SoftBank is a cash cow for bankers receiving fees on deals ALSO: Banks keep giving SoftBank a lot more debt, now at ~$140 B and a junk rating Who would have thought there'd be a correlation? https://www.wsj.com/articles/softbank-has-140-billion-in-debt-but-banks-picture-nearly-a-billion-in-fees-11557828002
RT @djtgallagher: One thing Uber & Lyft did accomplish was the revival of creative accounting terms that were once the mainstay of tech IPO…
markets are open for Softbank, global accumulator of ridehail cos
That's referring to Uber's Series G/G-1 ($48.77) Uber is now also below its Series F ($39.63)
Late-stage private investors in Uber put in more than $8 B late 2015 thru fall 2018 Value today for all of that is down 24% Nasdaq up >45% https://www.wsj.com/articles/uber-stock-tumbles-in-second-day-of-trading-11557756271?mod=hp_lead_pos6
Ha. If you got one of these feel free to lmk! https://twitter.com/susanthesquark/status/1127986277620436993
RT @RolfeWinkler: Q: Would antitrust authorities allow Uber/Lyft to merge? (Consolidation/price increases always seemed the endgame here if…
-Nearly 7 in 10 Uber drivers quit within 6 months of starting -over 1% of the US workforce drove for Lyft at some time in 2018 -other low wage employers are raising wages. -Uber says it wants to cut driver incentives to cut costs https://www.wsj.com/articles/uber-and-lyft-face-tough-test-of-finding-and-keeping-drivers-11557673863
RT @WSJ: The number of drivers who have worked for Uber and Lyft is staggering, yet recruiting and retaining drivers remains a challenge ht…
happy to take knocks for covering reality meanwhile every company and investor poised to go public is praying that Uber’s Friday IPO is not a harbinger of a hell summer to come
im getting hammered by Vc twitter for covering the uber ipo from the perspective of someone who lives on planet earth obviously an ipo is just one moment in time but you’re going to witness a lot of posturing over the next week from a crowd who has a LOT of skin in the game
 
VC Twitter and planet Earth often have a complicated relationship
 
Why do you hate innovation? Why do you hate the future?
 
maybe you're just a truly terrible person have you considered that
 
[takes a long drag on cigarette, rubs four day stubble, pours you a whisky] is this your first time reporting from a conflict zone?
Also: over 1% of the entire US workforce drove for Lyft at some point last year. They're going to need a lot more!
Uber and Lyft need to find/retain millions of drivers One problem: really high churn. 68% driver attrition within 6 months https://www.wsj.com/articles/uber-and-lyft-face-tough-test-of-finding-and-keeping-drivers-11557673863
"In California, a law passed last year allows veterinarians to discuss use of cannabis for their animal patients," https://twitter.com/WSJ/status/1127445819475546112
RT @ScottMAustin: Universal Music received $100,000 in Uber shares in 2010 in exchange for the http://Uber.com web address. But it…
RT @dnvolz: Big @WSJ scoop from @rebeccaballhaus https://twitter.com/rebeccaballhaus/status/1126970604786200577
ok everyone, i figured it out. When people say you're 'underwater' on your home, they mean on your mortgage, not on the home. https://www.investopedia.com/terms/u/underwater-mortgage.asp
RT @RolfeWinkler: Field of Streams https://www.wsj.com/articles/farmers-plow-through-movies-while-plowing-fields-11557508393 (alternate headline courtesy @eliotwb)
Ok so here's a question How come in real estate, you're only 'underwater' if the equity in your home goes to zero But in stocks, you're underwater if it's below the price you bought it at? https://twitter.com/ShiraOvide/status/1126950363616174080
"Over the past three years, Uber has totaled operating losses of more than $10 billion. In his original presentation to investors in 2008, Camp described Uber as “profitable by design.”" https://www.bloomberg.com/news/features/2019-05-09/uber-co-founder-garrett-camp-had-an-idea-it-s-now-3-7-billion
If the stock holds for another 6 mos, this also has implications for Uber's workforce. A huge number of them -- namely those hired in the past 3 years or so -- don't see gains
Put another way... Saudi Arabia's PIF invested $3.5 B in Uber in June 2016 at $48 a share The Nasdaq has gone up 60% since then Uber has gone down 13%
Uber made early investors a gazillion dollars (approx) Late investors: not so much. Uber sold $6.8 B (!) of stock at $48.77 a share between Dec 2015 and Feb 2017 All of that is worth less now
 
 
 
 
 
© 2009 creamsocial