Description

Uber’s CEO Just Made A $10 Million Bet—Is Wall Street Wrong About Robotaxis?

Uber CEO Dara Khosrowshahi has sent investors an unusually direct signal at a time when Wall Street is debating whether autonomous vehicles could eventually undermine the ride-hailing giant. Khosrowshahi recently purchased 141,000 Uber shares at an average price of $70.96, investing roughly $10 million of his own money in his first open-market purchase since May 2022. The transaction followed another sizeable insider purchase by COO Andrew Macdonald, who bought roughly $5.3 million of stock days earlier. These moves come after Uber shares retreated from their August highs amid concerns that Waymo, Tesla and other autonomous-vehicle developers could weaken Uber’s position. Yet Uber’s latest earnings call paints a more complicated picture. Management is not dismissing robotaxis as a threat. Instead, it is investing billions of dollars to place Uber at the center of their commercialization, while its existing business continues to generate rising bookings, earnings and cash flow.