Uber’s Bull Run Is Over, Says CEO

Uber has been providing cheap and convenient rides for the last decade, and has been knocking out transportation alternatives like Zipcar, taxis, and even public transit.

As noted in a recent article from Slate, though, Uber is notorious for burning through cash. The company has lost more than $30 billion since it became public in 2019, amounting to an enormous investor-fueled subsidy of America’s ride-hailing habit. In a memo released earlier this month, Uber’s CEO called the past decade an “unprecedented bull run,” and that this next period will be different and will require a different approach.

And consequentially, ridesharing will get much more expensive. In fact, both Uber and Lyft prices have already risen between 45 and 92%—and more recently, surcharges have been added to account for high gas prices.

So, does this mark the beginning of the end for Uber? Join Upzoned host Abby Kinney and her regular co-host Chuck Marohn as they “upzone” this topic—and talk about how it relates to the economy, as a whole.

Additional Show Notes

• “The Decade of Cheap Rides Is Over,” by Henry Grabar, Slate (May 2022).

• Abby Kinney (Twitter)

• Charles Marohn (Twitter)

• Theme Music by Kemet the Phantom.