uber is a platform play. as long as they keep the top line bookings growth, investors will be willing to be patient with profitability. david: thank you for being with us, man deep singh. this is a fascinating time right now to see how it will end up. trading down 2%, a little more than a nasdaq. that is the point, trading just below where the nasdaq index is. the overall conclusion will be it has been a successful ipo, and it did start trading below its ipo price, maybe a little --appointing, but the boat book didn't get done. we will see where we finished today. david: the question is what happens at the end of the day and after that. a long-term prospect that we are all watching carefully, this ipo of uber. we go now to the new york stock exchange and emily chang is with the ceo of uber. >> we are here at the new york stock exchange with uber ceo dara khosrowshahi. thank you for being here. you today for you, shares trading now, $44. a little bit above where they open, but i'm sure not the opening you hope

uber? think what's going to be interesting is whether it inll by into a long-term ga story. seeing how the market buys that long-term profit. vonnie: it is an $8.1 billion offering. it is quite large. what does this say about the demand that is still out there for these tech ipos? >> it is a great question. it provides sharing. when you look at the f1, the adjustable market for consumer transportation is being condition. trydemand for investors to and get exposure beyond lyft is huge. why is this being considered a category unto itself? they talk about a 12 billion dollar adjustable market. -- $12 trillion adjustable market? . >> i think there are tax businesses like uber that are positioning itself which has changed the wife -- wait consumers are buying products, whether it is visual content or transportation. i think that is one bucket. there is another bucket. there is another bucket that is autonomous vehicles. there is another bucket that is pinterest. its ownuber it sits in bucket alo

air and uber elvy i'm not sure if anyone has seen a rehn vision of uber elevate but it's impressive we'll potentially be able to take drone taxis to work someday. >> it might be a show me situation for a lot of investors. >> where is this going to happen how is this going to happen? >> sure. >> it's smart to have that ambition the narrative they want is think of amazon, they're a platform, we're a platform as well they haven't proven that out yet. still not making money on a per ride basis back to lyft, the fact that uber is crammed out of russia and china, because there were homegrown competitors. there can't be two ultimately if uber succeeds at this portion of their business before they become a big platform, one needs to absorb the other. >> i'm fascinated you brought that up. dan, what do you think lyft couldn't be more attractive from a pricing point of view but will u.s. regulators allow for uber to buy lyft at some point in the future? >> no, i don't think so. look, uber would have bought lyft and said this or kind of privately, they would have bought lyft years ago. it was

then uber and lyft drivers go on strike ahead of uber's debut on wall street. the company could be valued as high as $90 billion but its drivers are struggling to survive. >> it really goes to show you the urgency of this fight and the depth of driver unity and the visceral sense of rage that drivers are feeling across the globe. amy: then a stunning u.n. report warns up a million plant and animal species are at risk of extinctition due to human activity. >> we are losing species at storical rateses, potentially 500,000 to one million species are threatatened witith loss. much of f our natative forests d wetlands. and effectively, biodiversity needs to be considered at this in equally important issue as climate change. amy: all that and more, coming up. welcome to democracy now!, democracynow.org, the war and peace report. i'm amy goodman. the house judiciary committee voted wednesday to hold attorney general william barr in contempt of congress over his refusal to turn over the unredacted mueller report to lawmakers. it's not clear when the full house of repre

—— uber.fa ct protesting drivers highlighted the fact that profit is a long way off. sure, —— shaw, urban mac, has to fix many cars, but that's at least half a decade away and uber is playing catch up on this technology. another company like haslar or waymo might get there first. uber picked its initial investors carefully in the hope of discouraging short selling, the sort of thing that lyft is suffering from at the moment. uber has a more diverse business and is a much bigger company overall but that might mean the challenge is even greater as a result. gervais williams is senior executive director at fund manager miton group. do you think investors are being taken for a ride on this? what's been interesting is that it's been very much dominated by growth stocks. companies which are making losses but moving into profits. it's that momentum area which has been so dominant. that's what's encouraging investors. i wonder if there is a fear of missing out, investors want to back the latest big th

eats and whatever else they uber.nd they are from ride share and the vast result is from food delivery a business already crowded with competition if you look at some of the dog fights in that business look at that grub hub. that thing can't lift its head from adam. so say i'm not super they'lled about uber the company and without taking the lyft debacle into account they have going for it is the valuation is reasonable versus the other things come public this year. if it comes public at the height of the range, $50 per share which is what we're hearing, then it would trade at this time this years sales or not pinterest or zoom and that is cheap, but not for a company with 20% revenue growth but a heck of a lot less pricey than what we've seen. and it is cheap. down right cheap versus ipo darling beyond meat but beyond meat, come on enough already that is beyond the pale. how could we stop a stock from going higher think of the mockery beyond meat the vegans are bidding it up for heaven sake. they are and the vegetari

uber, i am going to go back to you. would you be a buyer of uber today?ing company but company and stock or two things. what worries me is this is a company whose price was marked down in the last couple days. some pre-ipo investors are underwater even in the shares bring it back to 2000, march 2000, when companies like palm went public when ipos data to flop, then you knew the top was in for the market. stuart: would you buy or not? >> most likely selling short but it is the tip of the spear. is uber goes so goes the nasdaq and the market. stuart: may i introduce you to an early investor in uber named jeff z car, frequent guest on the show. you were an early investment but you sold your stock. >> i think they are a year late on this ipo. when talking about valuations in the 120 billion, that is the time they should have struck when the iron was hot. they thought they could get a better valuation and they had a very very tough year. they lost $3 billion up to april. things have been difficult and they created all these mechanisms to invest in stock pre-ip

we had uber drivers and the uber co-founder, travis is here.ontroversy because uber's ceo said he could not ring the bell and wanted to keep his distance from uber's past. so far, no drama that we have seen on the floor today yet. vonnie: interesting that he has at the -- is at the new york stock exchange. were there any protests outside? protesters yesterday were very visible in san francisco. drivers for the main part. >> i walked in an hour ago, i did not see any protesters. they have breached trucks outside -- uber eats trucks outside to get food. we saw thousands of drivers turn out around the world. many of these drivers say they cannot make a living wage. the working conditions and wages have gotten worse over the years. it is an indication that uber is in a very competitive market no matter what the issue is, ride shareis the business -- rideshare business or food delivery business. sber has been emphasizing rider to try to take them away from other competitors in other markets. happy.re drivers who are we did not see a huge zip in avai

of uber.fair to say? >> i think we live in odd times. attaching a $60 billion valuation to a company that l t lost, it's the time we're in i know autonomous cars are a big deal but it an unformed business and i'm not sure how it will look i'm optimistic, not as optimistic as the market today >> explain the differential in viewpoint between the markets and your on. what would you like to see and why do you turn yourself optimistic for a company clearly you don't seem interested in buying at $45 a share. >> it succeeded on one half of the equation it's the can have services about or logistic business has been shaken by what uber has done it's done that half of the equation really well i've consistently underestimated its capacity to grow but overestimated its capacity to be profitable so it's not growth but whether they can deliver the profit margins sometime in the future, not even the near future but the far future i think they will find it but i don't think it's going to be easy or as lucrati

did uber get lucky because the first version of uber was what we call uber black or uber lux today, nots mass market alternative to taxis, hence the name uber, which is now changed in common lexicon in terms of the way we use it were they lucky at the start >> absolutely not. this was not about luck. this was about a couple of trends happening at the same time the iphone came out and you could all eph a sudden have an app. that was one trend the other trend was this idea of a black car which applied to any car. and then the ambition to go broad and deep to make the rides cheaper and cheaper with uber pool and to do it in 93 countries. and that was about hard work more than anything >> emil michael, thank you for joining us >> thanks for having me. >> some news at the break on goldman sachs. according to a source familiar with the issues, goldman sachs is close to buying united capital management that's a private wealth management firm. it's got about $24 billion under management the purchase price likely to be in the range of 700 to $750 million. an aim here is to expand goldman's high

uber's growth is slowing. >> uber is the amazon of transportation.nk you have to look at how investors are viewing ridesharing. it is 90 million consumers, each as 50% penetrated. it is a 3% pay and trade market across the board. they are doing their meth trying to figure out the some of the parts, where this is worse -- they are doing their method, trying to figure out some of the parts, where this is worse. itht now in ridesharing, continues to have a negative impact on overstock. emily: lyft also ended the day down more than 7%, so they felt in tandem. what are investors telling you? do they think it is the next amazon of transportation or is it the ebay? along,ve said it all we are going to freak out today, but there are investors that remain in the story and understood that they did not get everything about amazon when it came along and now jeff looks like a genius. there is no way you can model how this company makes a profit. you are depending on total transformation in the transportation industry. so when you have these really dueling approac

uber priced $45, 32 million shares, opened at $42. and you can see trading just above that right now $42.34 obviously, guys, this was not what they wanted the price below but i think the most important thing from the point of view of the executives that are out there is the deal got done in a very, very difficult week. $8 billion floated into the market, one of the 10 largest ipos of all time and of course the whole issue of lyft floating around here as well. carl, back to you. >> they want to work -- you know, this is what i said that they want to do. they want to clooen out all the weak hands and then walk it back up which is the only way to save it because holy cow there are things called unicorns behind this and if you don't want them shorn, you're bitting it all behind it. we're walking it back to $46 and we're going to nail it there that's what this must do if this does not want to be the end of the unicorn era. >> we got a thumbs up and a smile from dara. it remains a name that you would not be into. >> it's $50 is what i said

uber was careful, henry. you could argue they were pretty careful, not only -- people were expecting a market cap, some, of around $120 billion from this thing. it's well off of that, and they priced at the low end of the range, and yet, look at the chart. i mean, priced at $45, now it's $42.60, maybe. >> yep it's not -- again, we're opening into a much -- a scary broader market going into a weekend. it's not ideal but it's also -- this is a huge amount of stock, price becomes a much bigger issue when you've got this much liquidity. we seem to have stabilized here around $41 or $42, that's good and if you're a long-term investor, not a trader looking for flip, where obviously this stings, but if you're a longer term investor, you know, it's more attractive than it was last night if you believe in the fundamentals and so this is actually an opportunity to fill out a position to a size that you wanted at a better price >> yeah. henry, thank you for joining us today. >> great to be here. >> henry blodget, "busin

uber values of $320 million.still on the board. there you see him getting into the elevator that's his father don who's standing next to him on the right. this is a long time coming for someone such a scrappy up start. andrew as you mention, he will be there with his dad. it is a big day for him. >> i am trying to figure out how he snug in here without the cameras. which entrance he was getting in there at just to end a little bit of drama debate about this. the original plan with all the directors being on the floor during one of those recent board meetings travis kalanick says look i help create this company and the question of culture and everything else. he asked whether he can be up there as well. that conversation got tabled and released ultimately, dara decided to stick with the original plan and have all the directors on the floor. of course, there are questions about that perhaps would have been a lot of questions had he been up there about whether he was being brought back in the fold or whether he was

you actually think it's the opposite for uber. is than uber-specific thing?'s not an uber-specific thing, actually. for both of them one thing i don't think a lot of people are talking about is they're investing in scooters. scooters are 200 times for dangerous than cars. that is going to ramp insurance costs significantly. we don't even think it's a profitable business on top of that >> tasha, i just wanted to ask, we all know here that ark is very bullish on tesla. you're very bullish long term on autonomous driving why does uber not benefit from that in a way that other people would think? >> i don't see uber's autonomous strategy is anywhere and the way you would tell -- >> ride-hail company not do well once autonomous vehicles arrive because they cut the costs to the driver >> we think the technology are the ones who are going to join the majority share of economics. what uber could do is partner with a company like waymo if they wanted to but again, that 20% cut they take from gross bookings should go to the technology provider. maybe they get a 3% to 5

but uber is a much bigger business. emily: we have a chart comparing uber's losses to lyft's, and it looks like this has the most recent numbers. tell us what we are seeing here. mark: in the first one, we are looking at operating losses for both companies. it's a term and is amount of money for both, really. by any business measure, they're very loss-making businesses, uber vastly more so because it is so much bigger and operates globally. and then the operating margins are also not good by most business standards. but uber's looks slightly healthier. lyft kind of has been growing faster in many u.s. markets, partly because it has been spending so much on paying incentives to drivers and discounts to customers who use the service. emily: one of the interesting things that is different between the two companies, lyft on its earnings call said this was the peak spending year. when i asked if it was uber's peak spending year, i didn't get an answer. how will that sit with investors the next few quarters, on top of the mar

it's not clear to me that uber has the advantage in autonomy at this time. >> as we mentioned uber pricing it at $45 and we'll get it to you as we get more the stocks are getting crushed and the s&p 500 down 3%. chinese stocks are down a whopping 7%. who has the most to lose we've got those details and later a major call to break up facebook coming for one of the co-founders. what does it mean for the stock? the traders will wghei in. we are live at times square in new york city. much more "fast money" right after this woman: my reputation was trashed online, i felt completely helpless. my entire career and business were in jeopardy. i called reputation defender. they were able to restore my good name. if you're under attack, i recommend calling reputation defender. and consider joining their groundbreaking campaign to give every american the right to remove old, inaccurate search results by going to righttobeforgotten.org. vo: if you have search results that are wrong or unfair, call reputation defender at 1-877-492-6705. listen to your mom, knuckleheads. hand em over. hand what over? vid

it is a big week for uber.ut the road to an ipo is often bumpy, and simmering tensions between drivers and uber are flaring again. drivers in major cities across the u.s. and u.k. went on strike wednesday over low wages and unstable conditions. the protests are familiar to anyone who followed the lyft ipo. in march, the company pitched itself to investors and protesters attempted to picket the roadshow. joining us now, the coo of fountain, a company that works with gig economy companies. also with us, bloomberg tech's eric newcomer. he is in new york and covers uber and lyft. how big are the protests and where are they happening? eric: this is all over the world, designed to really draw writeion to uber drivers ahead of the pricing and then the listing on friday, so this is, you know, a global effort i , think. there are questions about the effect. these people can still get cars. but, certainly, their presence has been made known here. emily: anecdotally, it sounds like it hasn't really crippled the app. is th

uberorted its first quarter as a public company. investors are trying to digest the details. shares were up, and then down, and now back up 2.9%. the company meantime is putting some meat on the bones in the call, giving us a little color, reporting a $1 billion quarterly loss is expected but among the largest of any public company. more than lyft lost in all of last year. lyft also reported a loss in its quarterly report this year. uber did not provide guidance for the current quarter. in the call, the ceo talked about their advantage over rivals. >> our model allows us to acquire and retain customers with a cost and efficiency and effectiveness advantage over our rivals. hese efforts are just cutting started as we penetrate into a $12 trillion total addressable market. emily: joining us to discuss -- what is the standout here? we knew a lot of the numbers going into this. we weren't expecting surprises, except for the fact that it looks like they are not reporting a forecast? >> they rep

uber lost $8 billion. >> okay.itially, and if you want to once again point at tesla, the profitability record hasn't been stellar either, even though it's not a high-tech company. it's just an automobile company that uses batteries. >> all right hey, lutz, i always ask you -- i can't help myself because you've got some secret. are you a vegan? what is it, red wine what is it what is it, dinko prev jen crap? what do you do -- tell me the one thing you do to be who you are at 87 years old like this, because i thought you were like 72 >> i tell you, i think i, genetical genetically, i picked my parents very carefully. >> that's the problem. you've got nothing else, honestly do you have a cocktail once in a while? i see pictures of you smoking cigars >> well, cigars are vegetarian and martinis are made out of vegetables >> god almighty. all right. i hope you don't mind me asking. but can't we learn and do you have a monitor? can you see? >> yeah, i've got a monitor. i think bob is a paleo vegan, by the way. >> i think

will uber ever make money? can stock investors make money in uber stock? uber than deirdre who flew in from san francisco and, boy, are her arms tired she's on set after this. cake in the conference room! showing 'em you're ready to be your own boss. that's the beauty of your smile. bring out the best in it with crest 3d white. crest removes 95% of surface stains... in just three days. - anncr: as you grow older, -your brain naturally begins to change which may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time. - checkmate! you wanna play again? - anncr: prevagen. healthier brain. better life. >>> 5:41, and that is the new york stock exchange. the corner of wall and broad we're not just showing you that because it's a beautiful building and it may be a beautiful day. it's because uber inside of that

that is what uber is being valued at. can you explain why it is you're not happy with uber? >> sure, they have continuously cut the rates of drivers and have promised to do so in their ipo filings. if they continue to cut the rates, there will be no profit left. >> they cut the rate back in deals. now you're working double the time. how does that make you feel? >> tired. it's a hard job to begin with. when you have to put in 70, 80 hours a week just to make a living and need your family, you lose that time with them as well. it's really frustrating and, us aing. >> reporter: for a lot of uber drivers, this started off as a lucrative gig. now what is it like for the same drivers? >> it's a lot harder. back in the day we used to get paid over $3 per mile. now we're down to 60 cents per mile. i don't know any company, the longer you work there the less they pay you. even those who do it as a side hustle, they deserve to be paid a fair wage. >> reporter: how do you feel about the people out there? >> let the public know and other drivers know they're not alone. we get to continu

companies in the world. >> uber, uber, you're no good. treat your drivers like you should. >> reporter: that is the latest protest on paycuts and wcoio uber is not the only one facing criticism from drivers. >> i have many text messages from lyft telling me i am one of the best drivers. just yesterday lyft cut his pay from 68 cents a mile to 58 cents. >> i drove 50,000 miles last year. if i lose 10 cents a mile, that's $5,000. >> reporter: today uber said there will be periods when they will be misunderstood. it's during those days regardless of the ups and downs that we should focus on our work. on creating tupt on moving the world and innovating and executing. quintan is the head of editorial for google cloud. >> more than taxies and share riding. something much grander in terms of shaping of the economy. are these the two companies that win it all? time will tell. >> as the rich get richer, remember it doesn't have to be this way. >> reporter: city hall gave up a 1.5% payroll tax to companies like twitter and uber for staying in or mov

what is uber saying about this today? eric: i think they are trying to take a sympathetic ear to drivers. they are not shouting down these protesters. i think they understand that it is always sort of a challenged relationship. how bringingbout down driver subsidies or incentives as uber talks about them, could further irritate drivers. i think that is going to be a challenge because obviously uber is a company that lost $3 billion in operating losses last last $10 billion over the three years, and yet drivers, clearly from these protests, feel underpaid. solving those two problems, one, drivers who don't feel like they make enough and come on the other hand, trying to make money is going to be a huge challenge for uber. emily: talk about the ripple effects this could continue to have on the gig economy. could they make more if they are a delivery driver for post-may torque doing tasks for task rabbit. >> as they are able to build a stable business model and then get the model in place that will retain drivers and workers

and we're sknding at the uber post biggest ipo of the year.l lower a bit of a stumble out of the gate opening below its ipo price at 42 it still sits below that price right now. now it's priced at the bottom en

francine: let's talk uber.d the highly them aated ipo, giving market valuation of $75.5 billion. even at the low end of the price uber is set to be one of the biggest on the exchange since alibaba. uber, howook at telling is it that they are at the lower price range, and does this have to do with softbank? they are tied in with uber. matt: it is more about the realities of demand in the marketplace and where people are prepared to pay for this asset. it is not making money so you are taking upon some big future growth. they did not want the share price to come under any pressure to the aftermarket so they will have to pitch it where there is high quality demand for the shares. francine: when will they make money? matt: good question. it took amazon a long time to make money but this could be a similar story. extending into a range of complementary areas like uber eats which they already do, scooters, freight, these things could take time to grow. in the prospectus, they warned we may never make a profit. tom: t

with today's ipo, uber's market value is just below $70 billion. enough to qualify it to join the 500 index.& poor's however, you won't find it there any time soon. mike santoli explains why. >> uber made its long-awaited public debut friday as one of the 100 or so most highly valued in the stock market andt's not clear when or whether uber might find the way into the keywi ind the s&p 500 or into thes trillif dollars worth of funds that track it. at its initial valuation above $80 billion, uber is more than ten times to gaine entry, and they require that the member companies report four quarters of profit using standard accounting measures to be considered for membership. uber has never earned anl annua profit and analys don't expect it to in the next couple of years. uber is investing heavily to recruit drivers and sign up new customers while subsi zing the cost of rise. it's common for new ipos to wait years before joini the s&p 500. what's unusual in today'shearket isast size of the established tech companies that are coming public after years

i think that the problem is lyft before uber and uber is a uber is business where a global enterpriseing people, food, and freight, and in the future moving other things around cities. i think it was priced conservatively and moderately. i think the future will show that the price of the stock will go up. nejra: i've a lot more questions for you. i imagine you hope that the stock will go up because you are an uber shareholder, previously working for the company. a lot of investors already owned pre-ipo. uber according to bloomberg's reporting even some in uber's leadership began to view this round as more of a follow-on investment than a fresh public offering. is this something that regulators could/should take issue with? >> there is a regulatory side to creating it. passed byhe jobs act congress made ipo's easier, but easier for companies to stay private longer and have more private shareholders. this was viewed as a benefit because it enabled companies to stay out of the public spotlight develop a track record in business plan before they went public. maybe people have gone too far

over in the news today. —— uber.an awful lot of money, it should be said for the founder. an it stings because we have had this week lots of drivers are striking over their pay and lots of people concerned that drivers might be taken out of the equation completely and uber might bea the equation completely and uber might be a driverless technology. that is the hope it is putting gci’oss. that is the hope it is putting across. something that will be difficult for uber is to make d riverless ca rs difficult for uber is to make driverless cars work globally. it strength is the global scale it has achieved. everybody knows of the brand. you can go on holiday and probably keep using uber. the way that driverless car technology works — testing in america does not mean you can drive driverless cars in europe. the roads and layouts are different. how you tackle these different. how you tackle these different environments, i do not anticipate that happening for another 25 possibly up to 50 years. difficult to see how uber we'

uber is not profitable, nor is uber eats. but that scale, and engaging with the writers on a more frequent basis, is a better sign for uber. romaine: was this sort of the pitch uber was making to investors, the idea they are not just a ridesharing company but our this platform? caroline: and they talked about expanding a platform to logistics things, scooters, talk ed about being a one-stop shop for all transportation, and mass transit as well. not really sure how they could do that, but they talked about that, and they said they are the cars what amazon was to books, how they are pitching themselves to investors in meetings they have had in london, new york, boston, san francisco, that was a line they repeatedly used. joe: i get it that people are buying the stock, it will do fine. but do people really buy they are to cars what amazon was to books? nabila: last week we had the head of tech banking at jefferies saying that the companies are coming to market so fully valued, you will not get the returns you got with amazon, go

this morning, uber and lyft passengers across the country will have to find a new ride. >> uber shouldwe are human being, you know. >> reporter: drivers in at least ten major cities from new york to l.a. are going on strike starting at 7:00 a.m. turning off their apps in hopes of forcing their employers to start sharing the profits. >> because without drivers this company don't exist. >> reporter: uber's first public stock offering is set to make the company billions tomorrow. but strikers say none of that cash will go to the workers. in fact, this uber driver in new york says his pay has been slashed in half in recent months. >> we cannot even feed our family. we have to stay out more time. most drivers now tell you we work between 70 and 80 hours. >> reporter: strike organizers say the company takes as much as 60% of what passengers pay on some fares. they say that leaves the drivers with next to nothing after operating costs. the goal of the strike is to put a cap on that limiting how much the companies can skim off the top to between 15% and 25% depending on their location. overnig

invisitors, and uber executives. the mile who are driving these cars for a live org a side hustle are not necessarily accumulating wealth the way that people with more traditional jobs are typically thought to do. they don't have 401(k)s, or really a minimum wage. and i think the ipo will exacerbate that problem. >> reporter: it's not yet clear how many uber drivers will be turning off their app on wednesday. he with tried to talk to uber to get their far have not received comment. thy has said, though, they plan to make up to 3% of their shares available to some of their drivers when the company goes public. >>> in san francisco, some members of the chinese against a resolution to name china town's new central subway station after the late rose pak who died three years ago, and was well known as an advocate for china town, but protesters urged the board of supervisors at city hall today to oppose the resolution, because they say that rose pak was a polarizing figure. >> she put together all types of political deals

>>g up, some uber and lyft drivers send a message to the companies ahead of uber's wall street debut.cgoogle's sendar pathay called it one of the most important topics of our times. having access to people's data makes google's service run better and that all users should expect their privacy to be protected and he said privacy protection cannot be a luxury goodoffered only those who can afford to buy premium products and services. tech companies more broadly have come under fire for lawmakers about how they handle their customers' information. >> general motors said to admit todayhat it is in discussions with electric drugmaker worse force to sell its idle plant in lordstown, ohio. the deal has not yet been finalized and gm sent a statement that president trump first revled it was in the works. it announced the creation of $450 new manufacturing jobs at its facilities in toledo. theylanned to cut costs in order to free up cash in electric cars and ride sharing services. honda will cut the numbers of models toward research and development. toyota expects its cost reducked efforts to l

>> congestion's bad for uber too. our cars will be going slower.also have bikes and scooters, ich are new modes on the platform that are trying to get ople out of cars and into active modes. >> reporter: in short, more tweaking, with the data from mega-millions of customers leading the way. and that's the new world ofic econ says susan athey. >> right now, it's the googles and the amazons and the ubers, but it's going to be the banks and it's going to be other manufacturing firms. so really, all parts of the economy are going to ditize and start optimizing in a more scientific way. eventually, it will all get routine. >>eporter: because of the information you and i provide. from san francisco, this is pbs newshour business and economics correspondt paul solman. >> nawaz: after taking a monthd of leave t a personal scandal tarnishing the city's alage, former baltimore mayor catherine pugh f resigned today. the city, as the "baltsun" put it, has long dealt with a hiory of wrongdoing by politicians. all of that on top of serious problems wh crime, vio

uber eats is exploding.t people are not talking about here, with uber eats, bookings are still growing 100% per year, but the amount of money that flows through as of 2018to uber, in q1 was i don't know, 12%, 12.5%, and down to 6% by q4. these are all in the s-1. the reason for the decline was that they were rapidly expanding into other markets, and in q1 of 2019 their advanced estimates were 8%. i think what you will have, looking six to 12 months down the road, is take rates going back up towards 12% for uber eats, with booking still growing 70% a year. so take rates doubling and booking growing 70% a year, leading to explosive revenue growth at uber eats, which is becoming a bigger part of the business. we think overall revenues will accelerate, which is what investors will see. obviously the investments in southeast asia, russia and china are valuable. a huge opportunity here. ira, that is if we are even given the take rates going forward. lyft for many has been less than transparent. mitchell: i think y

uber will $8lln. originally some said uber would be valued at $120 a share.he company reported a $3 billion loss after losing $4 billion the year before. now that it will be a public company, it will draw more attention and its drivers will continue to demand more money. >> there will be a lot of pressure on uber to show they chan make money. that meet change who they are. that will be interesting to watch. >> reporter: in march of 2009, uber cab was founded. that was its orange name when it launched in san francisco. in october of 2010 it was shortened to uber. then tipping became available. in august 2017 they named the new ceo. we'll hear from a protester who is not happy about what's happening today. >>> one man who helped build facebook wants to tear it apart. chris hughes hasn't worked at to be for a decade but he said it's time to break up the company calling mark zuckerberg's unchecked power disappointing. he said i'm worried that mark has surrounded himself with a theme that reenforces his beliefs instead of challenging them. with success comes accou

eats and uber transports.t is a different story than lyft, they have a different footprint but the same unique problem. that is why the stock is moving sideways. i want to bring in kathleen smith. we fixed her problem. thanks for joining us. >> thank you. >> unusual thoughts on the uber ipo? >> i would call it the uber belly-flop. this is not a kiss of death in time the company will prove itself in public markets. i think investors should hold back until the stock has traded for a while. as you know it's a technical black eye to break the ipo price. it traded lower already. chances are it will retrace what already happened. there will be some good times to enter into the uber trade. you know it, would be nice to wait and hear uber's first earnings report or results. they're not earnings. when they, they do report because, really important thing with these new companies, see how management will guy shareholders to understanding what's happening. when we heard the lyft report, investors didn't react very well to

uber does it all. whether we are talking about autonomous vehicles or helicopter taxis, it is up to uber to create value in its platform. that is what investors are interested in. as a former employee and current shareholder, that is what i'm interested in. amanda: we appreciate it. coming up, a loll in the trade war. talks between the u.s. and china are being characterized as constructive. we will bring you the latest, next. this is bloomberg. ♪ amanda: this is "bloomberg markets." i'm amanda lang in toronto. vonnie: i'm vonnie quinn in new york. amanda: u.s. trade talks. steven mnuchin described the talks as constructive. china's liu he described the talks as going fairly well. now there are reports that they will hold teacher meetings in beijing. for the latest we have sarah mcgregor from washington following all the developments. a bit of a yo-yo in terms of the implications of the trump tweet. no hurry to get a deal and then constructive talks. what do you make of what you are hearing? >> as you s

what could happen to uber?the valuations are crazy. last time they showed goldman sachs was running around, trying to get last valuation in the private markets around $120 billion. so i think these are all kind of numbers that are all over the place, they still don't make money and as you can see, it's a race to the bottom. there's not that much loyalty and stickiness, until uber has tricks up its sleeves an gets into a ton of other verticals, that would be a special thing. right now, it's a place to get a ride and they subsidize them. lauren: what do you make of the driver protests? does that dampen enthusiasm for the stock? it seems to me that uber as wel transparent when it comes to costs, the way they figure out a driver's salary, the way they figure out different metrics of. it feels like we don't have all the information we might want as investors trying to value this company. >> you're not wrong. i think this is a situation where there's a huge p.r. situation, but ultimately the businesses below them, th

uber down hard.aroline: it is odd you are seeing is not get a lift up by the sudden market push higher. why is that increase selling as market sentiment turns a bit rosy? scarlet: you wonder what a hard job some of the companies are tasked with supporting the share price. continuing our ongoing coverage of uber, weighing in on the timing. >> we are seeing a lot of pressure in the broader market. important to recognize that while today is the first day for uber as a public company, they are in it for the long haul. we'll see how investor demand sets up for years to come. so curious, how long has your relationship with uber then? what when into winning the ipo in developing the relationship? >> our broader team has had a long-standing relationship going back several years. i personally have gotten more involved with uber over the past year since i stepped into this role. it is a long process. we work together to figure out how can we help them be the most successful public company? emily: what goes int

this is part of the uber story, too. the u.s. brought the hammer down on china finally, jacking up tariffs to 25% on $200 billion worth of chinese goods. that happened at 12:01 a.m. eastern time this morning. right now, close to session highs. trade officials have released -- look, we have seen this play before so all this could change -- but right now, dow is ticking higher and pushing session highs. we are up 74 points right now. now, volatility, that's the story of the day, made a big comeback throughout the week. we got all these mixed signals streaming out of the white house all through the week. not exactly sure where trade talks were standing. we got mixed signals from china. and i want to look at semantic. they failed on their fiscal fourth quarter report. it's the fifth ceo in seven years. that stock down a loss of 12%. >>> investors are minding the gap today as the stock hits a one and a half year low after jpmorgan cut the price target on the stock by four bucks to $24 a share. wall street is flipping out for zillow to

biggest cities are striking for uber's ipo. security from uber and its rival lyft. robert grey is there. robert. reporter: charles, we're standing in front of uber headquarters right now. only a couple of folks have shown up so far. they're not supposed to get underway high noon local time. in half an hour's time expecting more folks. city hall half a mile away. at issue here they want a bigger piece of the pie to put quite bluntly ahead of ipo, information trickling into the market now. drives are upset because of reduced rates, rising gasoline prices, higher wages benefits. some are saying they should be treated more like employees than independent contractors. >> i believe through the app uber is giving us leads, they're giving us work. it is an employee type of variety. and by not giving us benefits, a wage or whatever, it is a way to keep the costs down so they can be profitable but unprofitable. reporter: now uber is arguing that they merely provide a platform that bringing riders and drivers together. the money losing co

live from uber headquarters in san francisco, jackie ward, kpix 5. >> meanwhile, uber is hoping for a better reception than its roy val lyft which saw its stock price drop 20%. >>> a san mateo attorney is facing a new lawsuit, accused of running over a teenage kayaker with a ski both of he was drunk when he ran over francisco adomo last year in san mateo. you can see the injuries the 15- year-old sustained. the boparents described the traumatic moments in a news conference this morning. >> came toward us and then a it been very frustrating, the experience with the d.a. first of all we didn't hear from him for a long time after the accident. then i tried to make a move top find the d.a. >> they say the san mateo county d.a.'s office told them that keari won't be charged with a felony but instead two misdemeanors. >>> taking a live look from wall street right now. the dow taking a dip with that are river threats and hikes. right now the dow is up. >>> talks with china ended without a deem and the trade war escalating fast. china is rebuking president trump's tariff hikes with higher tar

. >> thank you very much henry, we thought this uber model was complex.his is going to be even more complex perhaps. >> certainly looking into the financials and separating what's real from what you're being shown, absolutely. to viewer's point, actually, this business is understood. it is buy or lease buildings then stock them up, lease them to other people. just not usually a sexy business it has a low multiple. highly exposed to recessions in any case because in recession, people let go. this has what has killed retailers. a lot of risk here >> which is what i don't understand if you're talking about a business model, what's the upside to buying the property itself, holding those assets then turning them around and leasing them or sub leading them to another piece of your business >> i'm a technology guy. they've made leasing office space cool >> fit me is also cool how long is it cool? how much, i don't know, must have been the breakfast. i don't know but i think there's a legitimate question about how different is wework from uber they're losing a to

and if you are tracking uber stock today it will trade under the symbol uber.brate, reporter jobina fortson is there. my imagination is they are staring at monitors right now inside. good morning on this friday, may 10th. it is 6:30. you're never more than seven minutes away from the accuweather forecast. >>> good morning. if you're looking for sunshine and warmth, i'm your guy. winds are only 6 miles an hour at fairfield and that's a lighter sea breeze. it's going to go away much quicker today. beautiful shot from mt. tamalpais this morning and talk about temperatures, we're waking up the same, gray with low to upper 50s. at noon temperatures are at yesterday's highs and we still have several hours of warming to go which will push us into the mid-70s to near 80 in some east bay valleys. 60 at the coast. hope you have a good friday. hold on for your commute. here is alexis. >>> two new issues to talk about. one of them isn't new. a crash that happened around 2:30 this morning. everything was off on the shoulder. now it looks like it's causing a delay because a

lots -- >> and dara has not proven that. >> i hold a lot of uber.urns around because it's hurting me personally but, no, i don't think we're seeing it. >> do you think this will be the next sort of prong in terms of a so-called tech lash, this idea you had companies that stayed pirate for longer. >> yeah. >> the greatest gains realized in the private markets by private investors and now you have companies like uber and lyft going public and retail investors are getting whacked. >> absolutely. uber stayed private for way too long easy access to money from saudis and sequoia and everybody else so made sense why they wanted to do that but if it had gone public a couple of years ago would have had more growth in the share price. even who got in at the series a and pretty happy with where it landed i do wish they would have because we'd be in better shape. >> i don't get your blame the need ya argument seems like lyft would have done better if that were the one variable you -- >> lyft increased market share by 35%. >> no, i mean in the markets. >> it's e

the idea that deion brought up, francis, if you're betting on uber you're betting on uber. one of the things people bring up the cost structure at uber until you get the to the point you lower cost, not paying drivers as much, or raising prices but long term the talk is getting to point where there are no drivers, it's a self-driving mechanism, that is the point where uber can take off. who knows where that is. where do you think even if that is strategy for uber long term? >> i think that is the long-term strategy. eventually that will be very profitable but i think it's a long ways off. remember the cost instructly completely changes. now you're not paying drivers but you own the fleet of cars. you have whole other insurance liability, thinks like that. i will say in the short term, talking about the yield curve inversion, in the short term these new ipos are coming out late cycle, very typical. you have lots of ipos, this happened in 1999, 2,000, clicks to the website, kicks to the website equals valuation. it works early in the cycle. late in the cycle without tradition