Roy Gilbert

Uber is draining its cash-burning Pool

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Soundtrack: This week’s newsletter has been specially designed to be consumed while listening to Dr. Lonnie Smith “Why can’t we live together” (featuring Iggy Pop) This week: Uber is draining its cash-burning Pool

Uber After what seems like an eternity, I’ve recently started using ride-hailing services again and venturing beyond the 5-block radius around my house. The Uber app worked just as it did when I last opened it — except that the UberPool option was no longer available.

Uber and Lyft both halted shared rides during the pandemic. And as Tom Dotan reports, the famous option allowing you to travel alongside garrulous and (often) drunken strangers in exchange for rock-bottom fares, may not be coming back to Uber — at least not in the way it used to be. Say goodbye to those 50% discounts. The low rates were a good way to grab market share, but not sustainable given that UberPool was burning close to $1 billion a year. Uber may also limit the pool feature to certain routes or certain times of day. It’s all in keeping with Uber CEO Dara Khosrowshahi’s ruthless focus on the bottom line. Khosrowshahi has promised to […]

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