“Uber, pre-IPO, had raised more money than Lyft’s current market cap. And now, because they raised 9B in an IPO, they’re close to total money ever raised to being 2x of Lyft’s current market cap. It’s an outlier in every way.”
Why Listen?
Ben & David reflect on what they’ve learned from the APLUSS IPOs so far, what’s ahead for Uber and Lyft, and tackle some longstanding listener questions.
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Links from the Show:
Narrative Violations – Bedrock Capital
Show Bookmarks:
[01:35] – Lyft Updates
[04:20] – Uber Updates
[07:03] – Regulatory and Anti-Trust Concerns with a Merger
[14:30] – Q&A – Mutual Funds Owning Shares in Major IPOs (Alexander)
[22:47] – Q&A – Uber and the future of self-driving (Peter)
[35:02] – Q&A – Explaining DoorDash and their Valuation (Packy)
[43:15] – Q&A – Buying Puts on Widely-held Tech Predictions (Jason [Tagfu])
[52:50] – Show Wrap-Up
People Worth Knowing:
Aaron Easterly
Bill Gurley
Dara Khosrowshahi
John Zimmer
Logan Green
Matt Cohler
Tony Xu
Companies Mentioned in Episode:
Bedrock Capital
DARPA
DogVacay
DoorDash
Emergence Capital
Federal Trade Commission
Fidelity Mutual Funds
Glow
GrubHub
Intel
Janus Mutual Funds
Lyft
Microsoft
Rover
Seamless
Sequoia
Softbank
- Rowe Mutual Funds
Tesla
Trulia
Uber
Vanguard Index Funds
Zillow
Zip Car
Zoom
Episode Specific Terms:
Anti-Competitive Legislation
Buy Up Keywords
Cashflow
‘Google Halo’
Narrative Violations
New Value Creation
OEMs
Passive Investing
Path to Merger
Path to Profitability
Point of Integration in Value Chain
Post IPO Growth
Private to Public Market (Price Handoffs)
Regulated Monopoly / Duopoly
Regulatory Frameworks
Retail Investors
Second Market
Supply and Demand Dynamics
Total Capital Under Management
Value Chain
What is ACQ2: The Acquired Interviews?
ACQ2 is Ben and David's conversations with expert founders and investors. Acquired the stories of great companies — and ACQ2 dives deeper into the lessons we can learn from them, often with the protagonists themselves.