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<ul class="summary-list"><li><keyword id="1042120" type="PERSON" weightage="60" keywordseo="Uber">Uber</keyword>'s CEO delivered food for <keyword id="2960214" type="PERSON" weightage="60" keywordseo="ubereats">UberEats</keyword> and made $106.7 in one day while working for 3.5 hours.</li><li>That would put his hourly pay at about $30.</li><li>Khosrowshahi made just over $12 million in 2020, or approximately $33,333 a day.</li></ul><p>Uber chief executive Dara Khosrowshahi spent part of the weekend working for UberEats, the company's delivery arm, he said on Twitter. </p><p>Khosrowhshahi said he "spent a few hours delivering" over two days and posted a selfie sporting a helmet and a bright green backpack to transport the food.</p><p>In the tweets, he said he completed 10 trips while being online for 3.5 hours, netting him <a href="https://twitter.com/dkhos/status/1409563389328728066">$106.71</a> with tips, putting his hourly pay at around $30. UberEats workers are paid per delivery as well as per mile.</p><p>Khosrowshahi's compensation totaled just over <a href="https://investor.uber.com/financials/default.aspx">$12 million </a>in 2020, including stock options. (He waived part of his $1 million base salary amid pandemic-driven layoffs at Uber). That's equivalent to about 340 times his pay as a delivery worker. </p><p>Another <a href="https://twitter.com/dkhos/status/1409563389328728066">screenshot</a> breaking down his trips on the same shift showed $106.71 of earnings over the course of six hours, which would put his hourly pay at around $19. </p><p>Some users on Twitter <a href="https://twitter.com/LudovicVoet/status/1409046525775421441">took issue</a> with what he disclosed and said the amount earned and the hours worked didn't add up. A company spokesperson said the discrepancy was due to a break and tips that came in after the executive had clocked out. UberEats customers can add a tip up to <a href="https://help.uber.com/ubereats/article/how-to-add-a-tip?nodeId=5867f9dd-7ca5-4484-af59-6c222d9a8355">90 days </a>after their order. </p><p>Khosrowshahi <a href="https://twitter.com/dkhos/status/1409272403528613889">tweeted</a> Sunday evening that his second day delivering - six trips over the course of two hours this time - was "not as good as day 1" because of traffic, and apartment drop-offs were "a pain." He also said he received lower tips and posted a screenshot showing that he earned about $50.</p><p>Asked if anyone recognized him, he <a href="https://twitter.com/dkhos/status/1408976684682862593">replied: </a>"Benefits of masking up!"</p><p><keyword id="7771650" type="UNKNOWN" weightage="60" keywordseo="gig-workers">Gig workers</keyword>, especially those contracted through Uber, have lamented the lack of sustainable wages as well as the lack of benefits provided for their work. The company has <a href="https://www.uber.com/newsroom/getting-drivers-back-on-the-road/">previously said its ride-hailing drivers make about $25 an hour</a> on average.</p><p>But UberEats contract workers typically make less than that, and like their rideshare contractor counterparts, they haven't historically had health benefits directly through the company. However, thanks to <a href="https://www.businessinsider.com/california-proposition-22-live-vote-count-results-2020">California's Prop 22</a>, Uber set up a benefits fund that provides workers with a healthcare stipend.</p><p>According to Glassdoor data, the average hourly wage for an Uber Eats worker <a href="https://www.glassdoor.com/Hourly-Pay/Uber-UberEATS-Delivery-Driver-Hourly-Pay-E575263_D_KO5,29.htm">ranges from $12 to $18.</a></p><p>The average <keyword id="6376068" type="UNKNOWN" weightage="60" keywordseo="food-delivery">food delivery</keyword> driver, not just those employed at Uber, makes about $13 an hour, according to <a href="https://www.payscale.com/research/US/Job=Food_Delivery_Driver/Hourly_Rate">Payscale.</a></p>

Uber CEO's delivered UberEats orders for 3.5 hours and made $106 - about 0.3% of his daily salary

<ul class="summary-list"><li>Former Uber CEO Travis Kalanick's ghost kitchen and software company is transforming restaurants.</li><li>In 2021, Kalanick raised $850 million at a $15 billion valuation from backers including Microsoft.</li></ul><p><a target="_blank" href="https://www.businessinsider.com/uber-ceo-travis-kalanick-life-rise-photos-2017-6">Travis Kalanick</a> is trying to reinvent the restaurant industry after upending the global taxi business.</p><p>Kalanick, who stepped down as CEO of Uber in 2017, took over a small startup called City Storage Systems. He has since built the company into a global ghost kitchen leader – though one unrecognizable to most consumers, because the Los Angeles-headquartered company tries to stay out of the media spotlight.</p><p>CSS operates two main businesses. One, a physical ghost kitchen arm called <a target="_blank" href="https://www.businessinsider.com/cloud-kitchens-travis-kalanick-san-francisco-location-address-pictures-2019-11">CloudKitchens</a> in the US, transforms mainly warehouses into private kitchen spaces that big companies and mom-and-pops alike can rent. The other business, a software service called Otter, runs a restaurant order management system that aggregates purchases from platforms like DoorDash and UberEats.</p><p>Kalanick leveraged the pandemic-induced delivery boom to expand quickly, buoyed by an $850 million fundraise in late 2021. But the business has faced controversies internally and externally. Culture and <a target="_blank" href="https://www.businessinsider.com/travis-kalanick-cloudkitchens-ghost-kitchens-restaurateurs-fleeing-2022-8">customer issues</a> have both led to <a target="_blank" href="https://www.businessinsider.com/travis-kalanicks-cloudkitchens-facing-a-series-of-lawsuits-2022-5">lawsuits</a>. Competitors, like <a target="_blank" href="https://www.businessinsider.com/reef-ghost-kitchen-raw-chicken-fireballs-food-safety-issues-2021-11">SoftBank-backed Reef</a>, have also drawn controversy for operational and other problems.</p><p>Since early 2021, Kalanick's representatives have declined Insider's interview requests.</p><h2>2021 fundraise</h2><div type="image" title="Travis Kalanick" height="2743" width="4128" msid="103073518" hostid="261" sizebytes="160080"></div><p>In late 2021, CloudKitchens' parent company raised $850 million at a $15 billion valuation, Insider exclusively <a target="_blank" href="https://www.businessinsider.com/travis-kalanick-cloudkitchens-triples-valuation-to-15-billion-2021-11">reported</a>. Investors included former Uber backer Microsoft, <a target="_blank" href="https://www.ft.com/content/5a768a67-1d0c-4c8a-9f14-de5ba06432ee">according to</a> later Financial Times reporting.</p><p>The funding round tripled the startup's last publicly-known valuation. After Kalanick exited Uber and joined City Storage Systems, he brought in $400 million from Saudi Arabia's sovereign wealth fund, the Wall Street Journal <a target="_blank" href="https://www.wsj.com/articles/saudis-back-travis-kalanicks-new-startup-11573122604"><u>reported</u></a> in 2019.</p><p>Around the time of the latest fundraise, the company also named a new chief financial officer. John Curran joined after more than a dozen years with Amazon.</p><h2>CloudKitchens careers</h2><p>Thousands of employees work for City Storage Systems. But they're not allowed to add where they work to LinkedIn, thanks to Kalanick's penchant for secrecy. He wants to keep employees out of the crosshairs of reporters, recruiters, and competitors. One former employee likened the secrecy to that of the CIA.</p><p>In spring 2021, more than 300 corporate employees left the company, some of whom <a target="_blank" href="https://www.businessinsider.com/travis-kalanicks-cloudkitchens-repeats-uber-playbook-loses-staff-2021-4">told Insider </a>they quit over paltry bonuses, a challenging culture, and a contentious new leveling system. Since then, the company has undergone small rounds of layoffs, including some recruiters.</p><p>Some entry-level sales employees have struggled at Otter, <a target="_blank" href="https://www.businessinsider.com/how-travis-kalanicks-otter-boot-camp-went-off-the-rails-2023-8">Insider reported</a>. The software unit created a two-month training program in 2022 to teach newbies skills like cold-calling and how to use Salesforce. Half of the 300 recruits who started the program graduated, and by August 2023, fewer than 20 remained at the company. Participants and managers said the program failed to teach real skills and was marked by chaos, including unreachable goals and a party culture.</p><h2>CloudKitchens US locations</h2><p>A <a target="_blank" href="https://www.businessinsider.com/map-where-travis-kalanicks-cloudkitchen-and-reef-have-ghost-kitchens-2020-12">2021 Insider analysis</a> showed how CloudKitchens (and competitor Reef) snapped up properties across the US.</p><div type="image" title="CloudKitchens and REEF ghost kitchen properties" height="900" width="1200" msid="103073520" hostid="261" sizebytes="32466"></div><p>Since the 2021 count, the companies have added more sites. CloudKitchens owns at least 90 locations across the country, though some are not yet open.</p><p>Some of CloudKitchens' locations have rankled neighbors, Insider <a target="_blank" href="https://www.businessinsider.com/kalanick-cloudkitchens-startup-havoc-chicago-uber-tactics-2021-3">previously reported</a>. They were surprised to see long-vacant warehouses turned into busy food pickup hubs, including on partially-residential streets.</p><p>"This is a very disruptive business model. To barrel into a neighborhood unilaterally with some sense of entitlement because it's a free market — you may have the law on your side, you may not, but you certainly won't have neighbors and elected officials on your side," a Miami politician <a target="_blank" href="https://www.businessinsider.com/kalanick-cloudkitchens-startup-havoc-chicago-uber-tactics-2021-3">told Insider in 2021.</a></p><p><strong><em>Do you work at CSS or have a tip about the ghost kitchen industry?</em></strong><em> Contact reporter Meghan Morris using a nonwork phone at 646 768 1627 (call/text/Signal/Telegram).</em></p>

CloudKitchens, ghost restaurant news and updates

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Essam Al-Sudani</span></p></div><p></p></div></div>Stocks extended Wednesday's comeback after the sharp sell-off, and rallied through much of the trading day to close well in the green. At its strongest point during today's session, the Dow was up about 260 points.</p><p>Crude oil staged a bigger rally, as West Texas Intermediate surged 6% and briefly above $30 per barrel.</p><p>First, the scoreboard:</p><ul><li><strong>Dow:</strong> 15,882.68, +115.94, (0.74%)</li><li><strong>S&amp;P 500:</strong> 1,868.99, +9.66, (0.52%)</li><li><strong>Nasdaq:</strong> 4,472.06, +0.37, (0.01%)</li><li><strong>WTI crude oil:</strong> $29.53, +1.18 ($29.53)</li></ul><p>And now, Thursday's top stories:</p><ol><li>"No limits". That's how European Central Bank president Mario Draghi will handle downside risks to growth and inflation. The bank left its <a href="http://www.businessinsider.com/european-central-bank-meeting-january-2016-2016-1?r=UK&amp;IR=T">deposit rate unchanged</a> at -0.3%, as expected. Draghi's suggestion at <a href="http://www.businessinsider.com/european-central-banks-january-press-conference-2016-1">today's press conference</a> that there may be another rate cut coming as soon as the March sent the <a href="http://www.businessinsider.com/euro-dollar-trading-after-ecb-january-21-2016-1">euro tumbling</a> against the dollar by the biggest amount in at least two weeks. Draghi said he expects inflation to start rising in the second half of this year, and that downside risks to the region's growth have increased.</li><li>One of these risks would be crude oil, which was a hot topic Thursday at the World Economic Forum. The chairman of Saudi Arabia's state oil company, Khalid al-Falih, said in Davos that it is "<a href="http://www.businessinsider.com/saudi-arabia-on-crude-oil-prices-2016-1">inevitable</a>" that oil prices will start recovering this year, and oil at $30 per barrel is "irrational", according to an FT report. Meanwhile, he reiterated that the country will not cut back production, which could be one way of guaranteeing a relief in oil prices. Bloomberg reported that fellow OPEC member Venezuela has already requested an emergency meeting to discuss production levels, and Nigeria is also itching for a roundtable.</li><li>And thanks in part to crude oil, <a href="http://www.businessinsider.com/ruble-hits-new-low-2016-1">Russia's ruble fell to a record low</a> for a second straight day. The currency dropped nearly 5% to about 84.4 per dollar. It's been the worst-performing emerging-market currency of late. In a note, Capital Economics suggested that this could mean a cut in interest rates within a month or so. </li><li>We got some US economic data. They all missed. <a href="http://www.businessinsider.com/initial-jobless-claims-january-21-2016-1">Initial jobless claims</a> jumped by 10,000 to 293,000 last week, the highest level since last July, and more than the consensus of economists was expecting. Pantheon Macroeconomics' Ian Shepherdson noted to clients that the spike related to mass layoffs from temporary holiday jobs. And he thinks we could have this seasonal glitch for some time. Meanwhile, BNP Paribas' Derek Lindsey wrote that this means we could see a "normalization" from the high levels of monthly nonfarm-payroll gains. By the way, the Bureau of Labor Statistics also conducted its establishment survey for the January jobs report last week.</li><li>The other data point was the <a href="http://www.businessinsider.com/philly-fed-manufacturing-survey-2016-1">Philly Fed's manufacturing index</a>, which was -3.5 for January (-5.9 expected). It was the weakest level since November 2012. Unsurprisingly, business owners were worried about manufacturing in the first half of 2016. </li><li>Uber is getting into the food-delivery business, and investors and analysts alike think its bearish for GrubHub. Shares of Grubhub fell 8.6% to a record low following news that the hitherto ride-hailing service is launching a standalone competitor called <a href="http://www.businessinsider.com/grubhub-stock-drops-5-percent-after-uber-news-2016-1">UberEats</a>. The UberEats app will be live by the end of March, and will first rollout in 10 US cities including New York, Chicago, and Los Angeles. Analysts at Cowen cut their price target on Grubhub shares to $20 from $22, noting Uber's army of 400,000 drivers and 16 million US users. </li></ol><p><strong>DON'T MISS: <a href="http://www.businessinsider.com/peter-tchir-stock-market-rally-argument-2016-1">The chances 2 people in a room have the same birthday (sort of) explains why stocks will probably rally »</a></strong></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/a-pyramid-on-ceres-baffles-nasa-2016-1">NASA scientists are baffled by a mysterious pyramid structure they found in space</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="t4ODYxMDE6W2094u9FSKZagVraSWGpAe" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

OIL SPIKES: Here's what you need to know

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>YouTube</span></p><p class="caption">Bill Gurley.</p></div><p></p></div></div>Low interest rates may be starting to generate the kind of irrational competition that should have tech bubble-watchers nervous.</p><p>Legendary Silicon valley venture capitalist <a href="http://www.recode.net/2016/9/28/13095682/bill-gurley-benchmark-bubble-uber-recode-decode-podcast-transcript">Bill Gurley talked about this phenomenon in a Recode podcast</a> recently. "I<span>n our industry we're seeing that </span>low interest<span> rates are leading to overt competition that's irrational," he said. </span>"Burn rates are areas we've never seen before. And steering those back towards profitability, if capital ever becomes scarce, is going to be a really difficult exercise."</p><p>A great example of that "irrational" behaviour just appeared in real life:</p><h2>Uber will give you a £30 credit if you order a Coke and they deliver it late</h2><p><a href="http://uk.businessinsider.com/how-to-get-free-ubereats-vouchers-promotions-food-hundreds-pounds-london-2016-9">Uber is giving people in London hundreds of pounds of free food</a> just to keep coming back to its UberEats meal delivery service. If your order is wrong or late, Uber will give you a credit of between £10 and £30 ($13 and $38) for a future meal. Even if all you have ordered was a can of Coke. Business Insider writer Rob Price found one customer who received £462.12 in meals this way. Rob himself gorged on £180 of free food.</p><p>Uber has a history of giving its product away free, in excess. We found one <a href="http://uk.businessinsider.com/how-uber-king-joseph-ziyaee-uses-driver-referrals-to-make-money-2016-2">Uber driver who earned $90,000 from referring new drivers</a> to the company <em>en masse</em>. And we found a passenger, <a href="http://www.businessinsider.com/blake-jareds-50000-uber-credit-free-rides-for-life-2014-4">Blake Jareds, who declared himself the "Uber King"</a> after he earned $50,000 in credit from Uber for referring new passengers to the app.</p><p>Those "free" incentives add up. In the first half of this year, <a href="http://www.bloomberg.com/news/articles/2016-08-25/uber-loses-at-least-1-2-billion-in-first-half-of-2016">Uber lost $1.27 billion</a>, according to Bloomberg. </p><p>Normally, the narrative around Silicon Valley tech startups goes like this: All companies initially lose money as they invest, promote their service, and gain market share. Later, when they've reached "scale," the company can cut back on the spending and make profits.</p><p>But Gurley believes that may be easier said than done.</p><h2>Money is getting thrown at businesses that would look ridiculous if interest rates were higher</h2><p>Low interest rates make money cheap to borrow for investors. It also makes riskier returns seem more attractive than they should be: If interest is at 1%, then a 2% return on your investment suddenly looks like it is twice as good as the risk-free interest rate.</p><p>So money is getting thrown at businesses that would look ridiculous if interest rates at 5%, for instance. <a href="http://www.recode.net/2016/9/28/13095682/bill-gurley-benchmark-bubble-uber-recode-decode-podcast-transcript">Here is what he told Recode's Kara Swisher</a>:</p><p style="padding-left: 30px;">"And I was fortunate enough this summer to meet Warren Buffett - Chamath [Palihapitiya] was the one that made that happen. But we only had one question each, and I said, 'You know, in our industry we're seeing that low interest rates are leading to overt competition that's irrational.' And he says, 'You bet it is.'"</p><p style="padding-left: 30px;">"... There's way fewer companies, whatever the number of unicorns is, but they're being given piles of money. Hundreds of millions. And burn rates are areas we've never seen before. And steering those back towards profitability, if capital ever becomes scarce, is going to be a really difficult exercise."</p><p style="padding-left: 30px;">"... One of the things that Silicon Valley does when it gets risk-seeking, which it did in '99 and now, is they invest in businesses with lower and lower gross margins. And that's riskier. And a lot of times those involve consumer products. And then what they do is they start selling them heavily discounted. And there's this old saying about selling dollars for 85 cents. But there's a truism to it. <strong>You can create infinite revenue if you sell dollars for 85 cents. And if you give consumers more value than you charge them for, they will love you."</strong></p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="https://www.flickr.com/photos/noodle93/4717459784/in/photolist-8bSdrw-5vSyry-sDT4Fe-rZwxm8-sDSUp8-poJmy-4y57nT-5A37AF-98yGJt-xZV9E-sEDgX-4R2src-bHfW1e-6dFoPS-64rFo9-oRBw9W-5cYdtw-5cTTYV-7obmDo-5cYddC-5cYcWf-oJLFeZ-6EnJyT-t3Zk6-rtfmo9-9o4Tti-4Ppe-832xiy-eBWbNx-8hda9Q-6CiidC-5XY8q-7h5bap-jJpwN5-6pGxfV-8nc9YZ-5VNaUZ-51VWJE-hTkLdm-9XUg1e-eKLphw-egaG6U-8FcgmC-46YbLt-DYhe1-6jj766-tJ9eg-7EzPJG-576jey-sED8N">Tom Newby / Flickr, CC</a></span></p></div><p></p></div></div>This is the scary bit, for people who believe that this time is <em>not</em> different, and that economics moves in cycles: Interest rates are very low, allowing marginal businesses to survive. <a href="https://www.cbinsights.com/research-unicorn-companies">Uber is the biggest unicorn</a> on the planet, valued at $68 billion. It is not profitable. It is driving cans of Coke around London and giving consumers £30 if their soda is late.</p><h2>Tech startup pitches are starting to use the word 'trillion'</h2><p>At some point this comes to an end, just as it did for Pets.com, Kozmo, and Webvan. Those were the transport logistics unicorns of the 1999/2000 era, who went bust ferrying objects around town for prices lower than the cost of delivery. Here's Gurley again, reminding everyone what this end looks like:</p><p style="padding-left: 30px;">"I probably sit in on eight unicorn presentations [recently], and five of them use the world 'trillion.' Now I don't think I had heard the word trillion in an investor presentation before that day."</p><p style="padding-left: 30px;">"But we had done something in the ecosystem to encourage this type of outlandish promotion - where you feel like you need to use words like trillion. And I think it's dangerous when we act like we have the right to disrupt everything or eat every industry, but we're not willing to play by the rules of profitability or GAAP accounting or being public.</p><p style="padding-left: 30px;">"... People discount risk slowly. Like they forget about pain and they forget about layoffs and they forget about that this is supposed to be hard, you need to profitable. And the younger generation, they're taught in very short time windows. So most of the entrepreneurs today weren't around in '99."</p><p style="padding-left: 30px;">"...  If we play these bubbles out, if we just get extremely promotion-to-the-end-state, then you have the type of crash you had in '01, which is complete wipeout. Like, 50 percent of people get laid off. And it'd certainly be better if we can avoid that kind of thing."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/regular-guy-tests-apple-wireless-airpod-headphones-iphone-2016-9">A regular guy tests out Apple's wireless AirPod headphones - here's what he thought</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="x4M2Z1NTE6gz21yaveZbCGTZOkYj8N7C" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

You Searched For "ubereats layoffs" and got 4 results

Uber CEO's delivered UberEats orders for 3.5 hours and made $106 - about 0.3% of his daily salary

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CloudKitchens, ghost restaurant news and updates

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'Competition that's irrational': Why it's scary that Uber is ferrying cans of Coke around London and giving people £30 if they're late

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