OneZero is partnering with the Big Technology Podcast from Alex Kantrowitz to bring readers exclusive access to intervie

And then third, last quarter showed a big loss because they had to write down their stakes in Didi and all the other investments that they made because ride-hailing was compromised all over the world. But that’s a paper loss, meaning they’re still holding the same stock. It’s valued less. Next quarter or the quarter after when it goes back up, they’ll have a big gain to shell.

Most big cities are dealing with traffic problems, so I don’t think it helps in that respect. To an extent, individual cars add more to climate change than mass transit. That’s an issue. But then you still have that fundamental question of, can we prove to people that being in these environments is as safe as it was before?

People I’ve spoken to say Uber needs to price realistically, which will drive down demand, and then cut staff, leaving Uber looking a lot like a taxi business. Does that seem like the right path to you?

We get a vaccine in 2021 that’s widely distributed and very effective, might people snap back to their old habits, which means you might sell your car? Is that what’s going to happen or not? If that happens, then everything bounces back, and it won’t be an issue. If not, then you might have more crowded cities from a car standpoint.

Emil Michael: Right-hand man tends to be independent of title. It’s: Who does the leader spend the most time with? I probably spent the most time with Travis on various business problems in my scope and out of my scope. My day job was chief business officer, which included corporate development— that was raising money, which we raised a lot of at Uber, mergers and acquisitions, business development, so like the partnerships we did with credit card companies or car companies and so on. I ran our enterprise business, which was called Uber For Business. I ran our China business. I was the most senior exec at headquarters managing the China business, which is a big, big deal for us.

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r laptop for professional stuff since the environment is set up to work the type of work I do, and I would hate if a new laptop system mess it up for me. If you trying to replace your current professional laptop, don’t do it. It is too early for that and the 16 option size is not yet available.

If you could afford it and you don’t want to be in that kind of dense environment, your option is to bike, scooter, depending on the weather and distance, or Uber. And to the extent that you can afford that, I think you might substitute public transport for Uber.

Uber was aiming for profitability this year, and they’ve cut losses a little bit, but they’re still losing a billion dollars a quarter. How does a company like Uber lose money?

Then the final factor is just Uber is bloated. They laid off a lot of people this summer. I don’t think Dara took a hard look at the company’s cost structure when he came in because he had other problems to deal with. When he finally got to, the company was overstaffed, and he took a big chunk out of it this past summer. Maybe there’s another round or two to go, but I do think this company can be profitable in 2021.

Uber is facing a difficult moment amid the coronavirus pandemic. The service, built on the belief that people would forsake car ownership in favor of its ride-hailing service, is watching many of its customers buy cars and stay home. The new trouble comes after the company worked to right itself after years of turbulence under ex-CEO Travis Kalanick’s leadership. Emil Michael, the former Uber chief business officer and confidant of Kalanick, joined the Big Technology Podcast to discuss Uber’s business prospects, its culture, its current leadership, and its controversies.

Let’s think about Uber in two main parts. They’re a food delivery business and a ride-hailing business. There’s no doubt that in the last six months the ride-hailing business has been decimated. Is that going to go on long term? I think there is some degree of accuracy there. If people got cars during the pandemic or moved out to the burbs, dense urban areas might lose population, and then there’ll be less Uber rides to take.

If you believe, though, that these urban areas maybe are temporarily getting depopulated, and then people are going to come back into San Francisco and New York and these places, then it’ll largely come back. But I do think the pandemic is going to have some long-term effects. One of them is going to be that some segment of people are going to be more comfortable driving alone in a car than they were with a rider. Frankly, there was a countereffect of people being less likely to ride in subways and buses — who might switch to Uber but can’t afford a car. So how that works out, I don’t know. It’s probably a slight net negative.

Like a lot of people, I bought a car during this pandemic. I used to take Uber all the time. I don’t take Uber anymore. Do you think the idea of the end of car ownership is still something that is actually possible? And how long will this pandemic set us back?

The second place the money is spent is on employee stock comp. When you look at these numbers, you do have to take out what looks like cash coming off the balance sheet versus stocks. A lot of Silicon Valley companies pay their employees with stock compensation, which looks scary when you compare it to a traditional company that doesn’t quite do a lot of stock options.

There’s a couple of things. There’s a big, big research and development spend on autonomous vehicles, something in the order of $700–800 million per year. And so you do that, and the payback is not for five, seven, 10 years. But the question to the management team is, do you still do that knowing that you can get disrupted by Google’s Waymo? Or do you stop? So that’s one place that the money is spent.