. >> eric a gm and cfo this item is a big brought in order to meet the launch we've been talking about in the power in january so in 2012 you approved legislation establishing a certain structure that supported the box structure and earlier this year you provided 14 molds to support cleanpowersf we're working with the this item as to authorize us to work with the controller on a fund structure and certification process for the contract and submit legislation to the board if necessary to amend our prior authorizing legislation of the establishment of the funds and as we won the things about dual tracking the power folks are in the middle of negotiations with the power suppliers and still settling some of the terms and conditions for the collateral and one of the questions that comes up is in need for a potentially collateral to support the monthly allegations when you have an entity that doesn't have revenues coming up contracted in january and revenues coming in at the end of the fiscal year so this item is to allow us to work with the controller's office and continue submit any legisl

eric newcomer, who broke the news for us. let's start with the valuation and break it down. $62.5 billion? >> it's huge. it puts uber before gm. it's a private tech company but bigger than twitter or salesforce. your story had some interesting numbers about how well uber is doing, how profitable they are in various cities. >> their profitable in more than 80 cities. ofy have a revenue run rate $10 billion. 0x increase. 250% trips growth. it is still growing massively. emily: you have a bullish and bearish argument for uber. , they still have regulatory issues in specific cities and countries. the taxing lobby is fighting them, sometimes successfully. there are issues in terms of drivers, contact work -- are they contract workers or employees? fringe benefits, minimum wage, etc. comes into play. they are planning to spend a lot in china, but there is some serious local competition there and in india as well. in many countries they are likely to be successful, but two very big markets, it's not at all clear they're going to prevail. talk about the bullish argument. investors like microsoft have put 100 and we dollars into uber. this hu