Uber CEO Validates that Some of the Increasing Scrutiny on Technology is Warranted
According to an online news report from gpbnews.com, the CEO of Uber, Dara Khosrowshahi, agrees that some of the increasing pressure to regulate technology companies is warranted.*
"There is an increasing regulatory burden that is coming on some of the tech companies. Some of it deserved," Khosrowshahi said Tuesday.
He made comments come amid hearings by Congress and a closer examination by federal agencies that have a focus on analyzing anti-competitive practices. To illustrate, a House judiciary subcommittee that addresses antitrust matters is holding a hearing this week regarding their role in suppressing competition of the media.
According to the CEO, Uber is expecting to have autonomous cars on the roadways within the next five years however, that will involve a combination of humans and self-driving technology. Uber has been testing autonomous vehicles in a variety of cites however, it temporarily stopped doing so after a self-driving vehicle hit and killed an Arizona pedestrian last year.
The CEO also addressed criticism that Uber has been facing over a one billion dollar loss in its first public financial report. This came out after Uber first appeared on the stock market. The CEO said that bad timing and trade tensions were to blame for the massive loss.
"Our IPO was very much aligned with our president's tariff wars, the same day. So I think we got caught up in a bit of a market swirl," Khosrowshahi said.
Uber notes that its financial losses reflect its increased spending to expand its services and offer rides in more cities across the country. One such service is Uber Eats food delivery. Another intention of Uber is to launch a helicopter service in New York City, known as Uber Elevate, which is a program that is geared towards offering flying ride-sharing options.
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