In the wake of Bitcoin’s exhilarating climb to surpass $67,000, marking a new milestone in its storied journey, Real.Casino announces a celebratory $5,000 giveaway. This event is not just a celebration of Bitcoin’s latest achievement but also an invitation to the broader community to engage with the cryptocurrency ecosystem in a meaningful way. As the […]
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Sometimes, regular riders may be shocked by the cost of an Uber ride, but it’s not something you’d expect the company’s CEO to encounter.
But Wired Editor at Large Steven Levy recently took a 2.95-mile Uber ride in New York City to meet Uber Technologies Inc. CEO Dara Khosrowshahi. When Levy asked Khosrowshahi to estimate the ride’s cost, he casually put it at $20. Much to everyone’s surprise, the price turned out to be $51.69, including a tip for the driver.
“Oh, my God. Wow,” Khosrowshahi exclaimed when he learned the cost of the ride, according to the interview.
And that wasn’t the only shocking price discovery. When Levy initially tried to book the Uber for the interview, the price was $20 higher. Khosrowshahi attributed this to surge pricing, despite it being a sunny weekday morning without any special events.
Khosrowshahi blames the high cost of Uber rides on inflation. In the interview with Levy, he mentioned that inflation has become a part of daily life, resulting in higher prices. The majority of the fare now goes to drivers, leading to a significant increase in their earnings over the past four years, which the Khosrowshahi considers positive.
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Uber is experiencing audience growth, with 130 million monthly visitors to its platform. While prices have risen, the services remain compelling, ultimately benefiting the company’s business. Some reports indicate that Uber fares have increased at least four times faster than the rate of inflation.
Uber was one of the most successful startups of all time. It was founded in 2009 by Garrett Camp and Travis Kalanick, and it quickly grew into a global phenomenon. The company’s early investors included Amazon.com Inc. Founder Jeff Bezos, Goldman Sachs and others. These investors saw massive returns when Uber went public in 2019, with their shares soaring by more than 1,700,000% for the earliest investors. Success stories among startup investments have been a large part of the recent growth of equity crowdfunding platforms like StartEngine and Wefunder, including StartEngine raising over $17 million from retail investors.
Some of the price increases are also because Uber is no longer subsidizing rides on a quest for growth and is instead focusing on profit. It seems to be working: This week, Khosrowshahi announced Uber’s first operating profit. Uber’s net income surpassed expectations at $394 million instead of the projected $49.2 million loss.
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Uber’s pricing has increased steadily in recent years because of a number of factors, including increased competition from other ride-hailing apps, investments in new features and services and the rising cost of living.
The impact of Uber’s price increases on drivers has been mixed. Some drivers have complained that the increased prices are making it difficult for them to make a living, while others have said that the higher fares are worth it for the increased demand.
Khosrowshahi also revealed a unique approach to team motivation, stating that even after achieving profitability, he intends to find reasons to criticize their performance or find another reason why they “suck.” This underdog mentality has been instrumental in driving the team to achieve their goals in the past. Embracing this mindset allows them to remain focused, hungry for improvement and committed to continuous success.
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This article Uber CEO Shocked By The Cost Of A 2.9-Mile Ride: ‘Oh My God. Wow.’ But Company Celebrates First-Ever Operating Profit Of $394 Million originally appeared on Benzinga.com
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Binance, the world’s largest crypto exchange by trading volume, has achieved another significant milestone. The firm, which recently turned six, keeps racking up several achievements despite the FUD that has surrounded it in recent times.
The world’s largest crypto exchange by daily trading volume has recently disclosed that its registered users now stand at a whopping 150 million. This was revealed in a tweet by its CEO, Changpeng “CZ” Zhao, on Thursday.
In the tweet, CZ noted his company’s milestone amidst growing regulatory scrutiny of its operations the world over. However, despite navigating through different challenges, Binance has managed to captivate the interest of several millions of users around the globe. So this is a testament to the platform’s quality service delivery and amazing features.
Just over a year ago, in July 2022, the exchange’s user base stood at about 120 million. The astonishing growth of 30 million users within the span of just 12 months tells of Binance’s undeniable hold in the constantly evolving cryptocurrency ecosystem.
A cursory look at the platform’s traffic data for the last three months shows that the top five nations contributing to this spike are Vietnam, India, Russia, Turkey, and Argentina. The increased expansion across various diverse geographies demonstrates the heightened acceptance and penetration of digital currencies.
BNB price trends at $241 as users base reaches new high | Source: BNBUSD on Tradingview.com
As expected, with growth comes challenges and Binance’s journey has not always been all growth and triumph. The platform has been the subject of various legal challenges across diverse jurisdictions.
The exchange was recently charged with “will evasion” and fraud by the United States Securities and Exchange Commission (SEC) in June this year. In Europe, Binance is under probe by French regulators who accused the platform of engaging in money laundering. It has also been ordered to cease rendering crypto services by Belgium’s financial watchdog.
In China, the services of the platform are restricted and inaccessible to millions of users within the country. Binance has also withdrawn its license applications and canceled its registration bids in several countries.
However, Binance has been able to make some gains in recent times. Earlier this month, it restored services in Japan, following the purchase of the local exchange Sakura Exchange BitCoin (SEBC) in November 2022. It has also been given a license to render cryptocurrency services in Dubai.
All these hurdles make the latest milestone not only remarkable but testamentary. The road to 150 million registered users has been paved with various challenges, but Binance has so far emerged victorious and triumphant.
Featured image from Reuters, chart from Tradingview.com
