Dara Khosrowshahi

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Uber Is Testing An On-demand Staffing Service Called “Uber Works”

Uber is testing an on-demand staffing service called “Uber Works” MIT Technology Review - 1 year ago
  • "Uber Works" will let companies recruit temporary workers such as waiters or security guards for events, the Financial Times reports.
  • The news: Uber has been working on the venture over the last several months in Chicago following an earlier trial in Los Angeles, and is starting to ramp up recruitment.
  • An eye on its IPO: Uber’s CEO Dara Khosrowshahi has said the company plans to go public next year.

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Uber Raises $2 Billion In Debut Junk Bond Sale Ahead Of IPO

Uber raises $2 billion in debut junk bond sale ahead of IPO CNBC - 1 year ago
  • Dara Khosrowshahi, chief executive officer of Uber, looks on following a 2018 event in New Delhi, India.
  • Uber has raised $2 billion in a junk bond sale, according to a report, as it gears up for its 2019 stock market debut.
  • The ride-hailing firm raised $1.5 billion through the sale of eight-year notes with a yield of 8 percent — it had initially pitched $1 billion — and an additional $500 million by selling five-year notes with a yield of 7.5 percent in a private placement led by Morgan Stanley, according to the Financial Times.
  • Uber was not immediately available when contacted by CNBC; nor was Morgan Stanley.

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Uber And Lyft Inch Closer To Early 2019 Initial Public Offerings

Uber and Lyft inch closer to early 2019 initial public offeringsDuncan Riley / SiliconANGLE - 1 year ago
  • Leading the news, Uber is reported to have received proposals from Wall Street banks that value the company at as much as $120 billion in an IPO, according to The Wall Street Journal.
  • At that price, Uber would be valued at a $48 billion premium compared to its valuation of $72 million as of its last round – $500 million from Toyota Motor Corp.
  • The same report claims that the IPO could take place early next year, which is in line previous statements from the company. Chief Executive Dara Khosrowshahi said in May that Uber was on track for a public offering next year and the company hired Wall Street veteran Nelson Chai as chief financial officer in August to assist with the float.
  • Lyft, Uber’s smaller but quicker growing rival, is reported to have selected JPMorgan Chase to lead its offering along with Credit Suisse Group and Jeffries Group.

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Uber CEO Pulls Out Of Saudi FII Conference Over Missing Journalist

Uber CEO pulls out of Saudi FII conference over missing journalist CNBC - 1 year ago
  • Uber Chief Executive Dara Khosrowshahi has threatened to withdraw from a high-profile investment conference in Saudi Arabia over the disappearance of a journalist.
  • Khosrowshahi said in an official statement to CNBC Friday he would not be attending the Future Investment Initiative (FII) conference in Riyadh, an event which has often been dubbed "Davos in the Desert" in reference to the World Economic Forum's annual meeting in Davos, Switzerland.
  • The Uber chief follows a growing a list of business executives distancing themselves from the country as it faces increased scrutiny after Jamal Khashoggi, a Washington Post columnist and critic of the Saudi Regime, was reported to have entered the Saudi consulate in Istanbul, Turkey, only to not be seen again afterwards.
  • Virgin Group founder Richard Branson, Los Angeles Times owner Patrick Soon-Shiong, AOL co-founder Steve Case and The Huffington Post co-founder Arianna Huffington are among the business figures reported to have threatened to cut ties with the Arab kingdom.

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Uber’s Dara Khosrowshahi Thinks He Has Controlled His Famously Fractious Board Of Directors

Uber’s Dara Khosrowshahi thinks he has controlled his famously fractious board of directorsTheodore Schleifer / ReCode - 1 year ago
  • A little more than a year after Uber’s board of directors busted into acrimony, CEO Dara Khosrowshahi is feeling pretty good about how things are going in the boardroom.
  • That’s important since it has been one of the $70 billion company’s highest priorities headed into an initial public offering next year.
  • “Where we came from last year was not neccessarily a board but an investor group that was struggling for control of the company,” he said onstage at Vanity Fair’s New Establishment summit in Los Angeles on Tuesday.
  • The company’s board was “fundamentally misaligned.” But now, he pledges, “those days are behind us.”

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Uber Drivers Stage UK Strikes Over Pay And Conditions

Uber drivers stage UK strikes over pay and conditionsBBC Technology / BBC - 1 year ago
  • Uber drivers are staging strikes in several UK cities in a protest over pay and working conditions."Hundreds" of drivers are expected to switch off their apps from 1pm, making themselves unavailable for work, union organisers said.Protests are also being held outside the ride-hailing app's offices in London, Nottingham and Birmingham.
  • Uber's London headquarters was briefly invaded during protests last week
  • Uber was recently valued at $72bn, making it one of the most valuable privately held firms in the world.But the company's expansion into food delivery and bike sharing have eaten into recent earnings.
  • In August, the firm reported a 51% annual increase in income from its taxi app business, but adjusted losses in the previous three months were up by almost a third on the previous quarter.Dara Khosrowshahi, Uber's chief executive, said the company was "continuing to grow at an impressive rate for a business of our scale."

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Uber Will Offer Free Rides To The Polls On Election Day

Uber will offer free rides to the polls on Election DayMegan Rose Dickey / TechCrunch - 1 year ago
  • Uber no longer wants the barrier to transportation to be a deciding factor between voting and not voting.
  • “Decisions get made by those who show up,” Uber CEO Dara Khosrowshahi wrote in a blog post.
  • In the 2016 election, 35 percent of youth surveyed cited a lack of transportation as the reason why they didn’t vote.
  • Uber is also working with non-profit organizations to help get both riders and drivers registered to vote before state deadlines.

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Uber Pays $148m Over Data Breach Cover-up

Uber pays $148m over data breach cover-upBBC Technology / BBC - 2 years ago
  • Uber boss Dara Khosrowshahi said the firm had no excuses about its behaviour
  • Ride-hailing firm Uber is paying $148m (£113m) to settle legal action over a cyber-attack that exposed data from 57 million customers and drivers.
  • The massive breach happened in 2016 but Uber sought to hide it from regulators.The company paid the hackers behind the intrusion $100,000 to delete the data they grabbed from Uber's cloud servers.

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Uber And Waymo Reach Settlement Over Allegedly Stolen Self-driving Tech

Uber and Waymo reach settlement over allegedly stolen self-driving tech Matthew Hughes / The Next Web - 2 years ago

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Uber: We Had “no Justification” For Covering Up Data Breach

Uber: We had “no justification” for covering up data breachCyrus Farivar / Ars Technica - 2 years ago

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Uber CEO Says Self-driving Cars Will Be Picking Up Passengers In 18 Months

Uber CEO says self-driving cars will be picking up passengers in 18 monthsJames Farrell / SiliconANGLE - 2 years ago
  • Speaking today at Uber Technologies’ #TheYearAhead event, Chief Executive Officer Dara Khosrowshahi revealed that the company is confident that autonomous ride-hailing is coming sooner than you think.
  • In an interview with Bloomberg’s Editor-In-Chief John Micklethwait, Khosrowshahi admitted that true, reliable, autonomous vehicles for wide use certainly face a few more obstacles to overcome, but Uber will have autonomous cars working on the streets relatively soon.
  • Uber has already tested self-driving cars, but it hasn’t been without setbacks.
  • Khosrowshahi says that the weather might not always be right or the mapping not perfect, so when a customer orders a self-driving car over a human driver, he or she might not always get what they asked for.

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Where SoftBank Has Invested Its $98 Billion Vision Fund

Where SoftBank has invested its $98 billion Vision FundRani Molla / ReCode - 2 years ago

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Inside Uber’s $100,000 Payment To A Hacker, And The Fallout

Inside Uber’s $100,000 Payment to a Hacker, and the FalloutNICOLE PERLROTH and MIKE ISAAC / New York TImes - 2 years ago
  • Most of all, the hacking and Uber’s response have fueled a debate about whether companies that have crusaded to lock up their systems can scrupulously work with hackers without putting themselves on the wrong side of the law.Photo
  • Uber is illustrative of a breed of company that aimed to bulletproof its security.
  • Dara Khosrowshahi, center, Uber’s chief executive since last summer, has vowed to change the way the ride-hailing company conducts itself.
  • “I was surprised and disappointed when those who wanted to portray Uber in a negative light quickly suggested this was a cover-up,” he said, adding that he was proud its engineers had been able to fix the issue before it could be abused.

Sprint’s Marcelo Claure Will Join Uber’s Board, Which Will Grow Soon To 17 Directors

Kara Swisher / ReCode - 2 years ago
  • Sprint Marcelo Claure, who was once on the short list to be CEO of Uber, will be joining its board in the next few weeks, several sources confirmed.
  • The globe-trotting telecom CEO, whose name has been previously floated for the seat, will take one of two director slots that Japanese investment giant SoftBank is getting, as part of a successful tender offer by SoftBank that is set to be completed at the end of this month.
  • The other will go to Rajeev Misra, who is head of SoftBank’s Vision Fund that led the multi-billion deal to buy a big stake in the car-hailing company.
  • The pair will join the 11 current Uber directors, who include current Uber CEO Dara Khosrowshahi and ousted CEO and co-founder Travis Kalanick, as well as large investors and several independent ones.

Uber Used Bug Bounty Program To Launder Blackmail Payment To Hacker

Sean Gallagher / Ars Technica - 2 years ago
  • In November, the CEO of Uber revealed that the company had paid a hacker $100,000 to delete data obtained from a 2016 breach in which 57 million Uber customers' and drivers' names, email addresses, and phone numbers were exposed.
  • A Reuters report now casts a bit more light on how the company concealed its blackmail payment—the money was paid out to an as-yet-unidentified Florida man through Uber's bug bounty program, now managed by HackerOne.
  • Uber's CEO, Dara Khosrowshahi, said in a blog post about the breach that "two individuals outside the company had inappropriately accessed user data stored on a third-party cloud-based service that we use," and that no payment data was exposed.
  • Khosrowshahi said he had only recently learned of the breach and had ordered an internal investigation.

Profitable In 40 Cities, Uber Says

CNBC - 2 years ago
  • "We're a logistics company at our heart," said Jason Droege, VP of UberEverything, which runs UberEats.
  • Droege, who reports directly to Chief Executive Dara Khosrowshahi, added that Uber's new CEO is optimistic about UberEats' potential.
  • In some markets, including Tokyo, Milan, Madrid, Seoul and Grenoble, France, the company launched food delivery before its main ride-hailing service, citing a lower barrier to entry with regulators.
  • Customers can expect more expansion in 2018, Droege said.

The Woman Engineering Uber’s Driverless Trucks

MIT Technology Review - 2 years ago
  • Nancy Sun is trying to get driverless trucks on the road and convince truck drivers to trust Uber, too.
  • Uber is publicly dealing with a lot of nasty problems: a revelation that it paid hackers to conceal a huge data breach, a lawsuit filed by Alphabet’s self-driving-car unit alleging the theft of autonomous-car technology, a corporate culture deemed so toxic the company replaced founder and former CEO Travis Kalanick with a new leader, Dara Khosrowshahi.
  • It’s been more than a year now since Otto—then newly acquired by Uber—made its first delivery via an autonomous truck, but there was still a human in the cab and the company has yet to announce any totally driver-free trips.
  • The challenges are really going from “What’s the product vision we want for our technology?” and then working backwards from there to help define all the various interactions and things that need to happen in hardware and software, and then diving one level deeper into that, in the base vehicle platform, to the sensor kit, to the computer platform, to the perception algorithms, to how we think about maps and localization, down to the details of, like, how do we scale this technology from a back-end perspective?

Uber’s New Chief Legal Officer Tells Staff: If You Are Surveilling People For Competitive Intelligence, Stop It Now

Johana Bhuiyan / ReCode - 2 years ago
  • The ride-hail company’s chief legal officer Tony West, just days into his job, sent an email to the firm’s security team telling them to stop any competitive intelligence projects that included surveilling individuals.
  • “Dara [Khosrowshahi, Uber’s new CEO] and I are still learning the details about the extent of these operations and who was involved in directing them, but suffice it to say there is no place for such practices or that kind of behavior at Uber,” West wrote in his email, which Recode obtained.
  • “We don’t need to be following folks around in order to gain some competitive advantage.”
  • “My understanding is that this behavior no longer occurs at Uber; that this truly is a remnant of the past,” he continued. “And I have not learned anything in the last couple of days that suggests otherwise. But, to be crystal clear, to the extent anyone is working on any kind of competitive intelligence project that involves the surveillance of individuals, stop it now.”

Senator Mark Warner Demands Answers About The Uber Hack

Jack Morse / Mashable - 2 years ago
  • The revelation that Uber paid hackers $100,000 to cover up the apparent theft of 57 million people's information has raised some serious questions about how the ride-hail company operates behind closed doors.
  • On Monday, Sen. Mark Warner of Virginia published a letter addressed to Uber CEO Dara Khosrowshahi in which he called on the CEO to address the glaringly obvious facepalms revealed in a Nov. 21 company blog post.
  • And Warner's not messing around, noting that he has "grave concerns" about how all this went down.
  • "Unlike ransomware payments, in which payment is made to recover or regain access to inaccessible data or systems, it appears the motivation behind this payment was principally to prevent the public or authorities from learning of the breach," wrote the senator.

Here’s What You Need To Know About SoftBank’s Tender Offer For Uber Coming Tomorrow

Theodore Schleifer / ReCode - 2 years ago
  • Investors who have poured over $10 billion into Uber over the last eight years have stomached scandals and soap operas of every kind, including the noisy ouster of its CEO Travis Kalanick.
  • Tuesday’s when a multi-billion “tender offer” from Japanese investment giant SoftBank is expected to begin, according to sources tracking the process, giving Uber shareholders the chance to sell some of their stock or hold fast until the company goes public. The decision effectively asks every Uber insider to gauge their confidence in the company they built.
  • SoftBank and other new investors are hoping to purchase up to 20 percent of Uber, which has most recently been valued at $70 billion. The twist? The group has signaled that they are only willing to offer a share price that would value the company at around $50 billion.
  • It’s also the first major reckoning for newly installed CEO Dara Khosrowshahi, who is banking on pulling off the deal smoothly to get Uber past its incessant and damaging drama and toward a more stable future.