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Mr. Khosrowshahi broke with Mr. Kalanick's world view that Uber is competing in a win-win market. According to Mr. Khosrowshahi, sharing the ride will be a "win-get-the-most" game, according to people familiar with his presentation.
He also adopted the idea that his company looked like Amazon, a logistics giant in the making. His talk exposes Uber's sustained losses both as an attempt to defend its existing market share of competition while simultaneously investing in Uber's future growth.
This story seeks to present Uber as a technological "platform". The reasoning is that it is only a starting point for other markets, such as bicycles and scooters, food deliveries, trucking over long distances and even flying cars. "Just as Amazon sells third-party products, we will also offer transportation services to third parties," Khosrowshahi said in an interview last year.
Nevertheless, Uber has no clear solution for generating profits in the coming years and the risk section of its registration statement has 48 pages out of a total of 285. The shares of Lyft, its closest competitor, have lost 26% since their debut in March.
Uber's bankers seem to have internalized their doubts. After initially targeting an I.P.O. Uber has lowered its expectations to about $ 44 to $ 50 a share for a valuation ranging from $ 80 to $ 91 billion, well below the range of $ 90 to $ 100 billion originally sought.
Despite all that Mr. Khosrowshahi has done to distance Uber from its founder, Mr. Kalanick remains intimately connected to the society he has built. He is still on Uber's board and Khosrowshahi has shown no sign of agitation for a reshuffle of the group in the months following a political offensive, as some had hoped.
Mr. Kalanick's friends say he feels unjustly targeted by I.P.O. Uber. paperwork, and his implicit criticism of his leadership. According to people who are aware of his thoughts, Mr Kalanick hopes that his successor will use I.P.O. bury the hatchet between the two men and mark a new chapter in Uber's history. Even the old enemies of the board, like Matt Cohler of Benchmark, have spoken in favor of the participation of Mr. Kalanick, according to a report by Axios.
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