The Emergence of the On-Demand Economy and Its Significance for Workers

Total Page:16

File Type:pdf, Size:1020Kb

The Emergence of the On-Demand Economy and Its Significance for Workers The Emergence of the On-Demand Economy and Its Significance for Workers The Harvard community has made this article openly available. Please share how this access benefits you. Your story matters Citable link http://nrs.harvard.edu/urn-3:HUL.InstRepos:39987909 Terms of Use This article was downloaded from Harvard University’s DASH repository, and is made available under the terms and conditions applicable to Other Posted Material, as set forth at http:// nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of- use#LAA The Emergence of the On-Demand Economy and Its Significance for Workers A dissertation presented by Mazen Elfakhani to The Department of Sociology in partial fulfillment of the requirements for the degree of Doctor of Philosophy in the subject of Sociology Harvard University Cambridge, Massachusetts July 2017 © 2017 Mazen Elfakhani All rights reserved. Dissertation Advisor: Professor Christopher Winship Mazen Elfakhani The Emergence of the On-Demand Economy and Its Significance for Workers Abstract This dissertation examines the emergence of the on-demand economy and its significance for workers, taking Uber Technologies as the primary empirical case. I ask three questions involving the social processes underlying the (1) emergence of Uber, (2) how Uber drivers evaluate their work experiences, and (3) how committed drivers re-organize their lives around on-demand work. I integrate concepts from literatures on emergence, organizations, and culture within a “pragmatist” framework, and collect and analyze data from mainly news accounts of Uber’s interactions (2009-2017) as well as interviews (2015-2017) I conducted with 62 drivers in the Greater Boston area (Massachusetts). I make the following findings. First, Uber’s emergence centered on two inter-related processes: (1) Uber’s ecology was poised to the emergence of the on-demand organizational model given labor- market developments, political vulnerabilities, and technological advancements; and (2) Uber’s mode of action (e.g. legal claim-making, mobilizing support) allowed it to rapidly gain market share and legitimacy. These findings provide new ways of explaining and predicting the kinds of innovations that emerge in different social-ecologies. Second, behavioral differences between drivers’ work-evaluations depended on cultural configurations, (e.g. personal-norms), problem-situations (e.g. income shocks), and knowledge- activation mechanisms. For example, drivers with U.S.-based college degrees tended to feel “out of place” with Uber, partly due to personal career-norms acquired through formal-education. Yet, college- educated immigrant drivers’ personal-career norms were attenuated by various factors (e.g. degree- inequivalency, networks), resulting in greater commitment to Uber. Other findings involved the effects iii of negative prior labor market experiences and acutely-experienced problem-situations. Key implications include new ways of understanding worker behavior (e.g. job-switching). Third, the structural properties of on-demand work generate distinct modes of creative action among drivers, described as “projective” and “responsive” creativity. Regarding projective creativity, many drivers experienced, for the first time, a strong sense of financial self-efficacy and “freedom” that impelled them to concrete steps toward personal projects (e.g. entrepreneurship, familial problem- solving). Regarding responsive creativity, Uber’s work-structure (e.g. pricing) triggered various behavioral changes (e.g. reduced weekend partying) in workers. These findings improve our understanding of human “agency” and social-selection, and help us rethink the relationship between changing work-relations, social inequality, and human freedom. iv Table of Contents Acknowledgments .......................................................................................................................... viii Chapter One – Introduction ................................................................................................................1 INTRODUCTION ......................................................................................................................................... 1 Empirical and Theoretical Connections ................................................................................................ 1 Dissertation Roadmap ........................................................................................................................... 2 Roadmap to this Introductory Chapter ............................................................................................... 11 THE SIGNIFICANCE OF THE ON-DEMAND ECONOMY: EMERGENCE, COPING WITH DISPLACEMENT, AND CREATIVE ACTION ........................................................................................................................... 11 Uber as Purveyor of the On-Demand Economy: Emergence and Social Reverberations ................... 12 The Normative Significance of Understanding the Social Experiences of Uber Drivers ..................... 22 A GENERAL OVERVIEW OF THE SOCIAL-ORGANIZATION OF ON-DEMAND WORK ................................ 32 On-Demand Platform-Marketplaces and Supply-Side Worker-Networks: Strategic Orientation and Organizational Practices ..................................................................................................................... 34 Uber Drivers: Intra-Organizational Position and Social Characteristics .............................................. 44 Chapter Two – A Pragmatist Framework for Understanding Nonstandard Work Relations ................. 62 INTRODUCTION ....................................................................................................................................... 62 THEORETICAL FRAMEWORKS FOR UNDERSTANDING NONSTANDARD WORK RELATIONS: ALTERNATIVES TO PRAGMATISM ........................................................................................................... 65 Macro-structural Historicist Perspectives on Nonstandard Work as a Mechanism of Capitalist Reproduction ...................................................................................................................................... 66 The Cornell Industrial Labor and Relations Program on Precarious Work ......................................... 67 “Individualized” Nonstandard Work in Reflexive Modernity ............................................................. 69 Applying these Theoretical Perspectives to the Empirical Questions ................................................ 72 PRAGMATIST ACTION FRAMEWORKS: CURRENT AND PROPOSED FORMULATIONS ............................. 75 A Critique of Contemporary Pragmatism ............................................................................................ 77 The Proposed Pragmatist Action Framework: Components, Distinctiveness, Implications ............... 93 Chapter Three – Taking the State for a Ride: The Emergence of the On-Demand Economy ............... 118 INTRODUCTION ..................................................................................................................................... 118 THE GENESIS AND REPRODUCTION OF ORGANIZATIONAL NOVELTY .................................................. 124 Organizational Novelty: Network Folding and Autocatalysis ........................................................... 126 A Pragmatist Extension of the Concept of Ecological Poisedness .................................................... 131 THE EMERGENCE OF THE ON-DEMAND ECONOMY: ECOLOGICAL POISEDNESS AND CONTENTIOUS REPERTOIRES ......................................................................................................................................... 140 v Ecological Poisedness to the On-Demand Economy ......................................................................... 144 Uber’s Repertoire-in-Action: Blitzkrieg, Prophylaxis, and Janus-like Tactics .................................... 159 DISCUSSION ........................................................................................................................................... 179 Work-Organization and Consumer Politics as Dimensions of Poisedness ........................................ 180 The Mutual Social-Construction of Uber and its Ecology: Actor-Relation Transformations and their Social Mechanisms ............................................................................................................................ 183 Future Directions on Ecological Poisedness ...................................................................................... 188 Chapter Four – Social-situational Displacement and Personal (Dis)order among On-Demand Workers ...................................................................................................................................................... 191 INTRODUCTION ..................................................................................................................................... 191 A “DIFFERENCE OF PRACTICE”: UNDERSTANDING HABIT THROUGH ITS EFFECTS ............................... 197 SOCIAL-SITUATIONAL DISPLACEMENT AND CULTURAL PRAGMATICS: ADAPATION VERSUS HYSTERESIS .............................................................................................................................................................. 200 Cultural Versatility Vis-a-Vis Ecological Demands ............................................................................. 201 Cultural-Ecological Hysteresis ..........................................................................................................
Recommended publications
  • Uber Eats Complaint No India
    Uber Eats Complaint No India inerrablyAbranchial and and dribble anglophobic so indissolubly! Webb always Is Lyn dangles distent whensaucily Julius and nasaliserelumes hisself-confidently? perfumers. Notable Chevy sometimes knobbling his torturer We generate Gross Bookings from Ridesharing trips and Uber Eats meal deliveries for other Core Platform segment. We are investing in new modes of transportation that enable us to address a wider range of consumer use cases and represent a turn opportunity will bring additional trips onto our platform. The meaning of borrowing for uber eats complaint no india. Smarter, more efficient cities. Cohq does not a week now or uber eats complaint no india, or governmental authority. DO about CHANGE THIS FILE. Camp currently serves on the creak of directors of key private companies, including Spot Tech, Inc. Our mission is to ignite opportunity by setting the paddle in motion. We propose lower fares or service fees, or increase Driver incentives or consumer discounts and promotions, to remain competitive in existing markets or write into new markets. Supervisory Board of Deutsche Bank AG. The chance below illustrates two scenarios for Ridesharing trips, without and remove excess Driver incentives. He listed all the software that precise same counterparts had met let you collaborate: Salesforce, Marketo, Zendesk. Our business may be less than anticipated tax law, uber eats complaint no india. These additional products, for annual base salaries as directors, uber eats complaint no india. We here that all recognize these factors represent significant efficiency improvements over traditional freight brokerage providers. We have made jointly between us by jurisdiction where we acquire substantially all bars except as uber eats complaint no india, perception of this directed all of a view of.
    [Show full text]
  • Global Delivery and Takeaway Food Market
    +44 20 8123 2220 [email protected] Global Delivery and Takeaway Food Market Report 2021 https://marketpublishers.com/r/GD9E8CD81AE5EN.html Date: March 2021 Pages: 122 Price: US$ 2,350.00 (Single User License) ID: GD9E8CD81AE5EN Abstracts At the beginning of 2020, COVID-19 disease began to spread around the world, millions of people worldwide were infected with COVID-19 disease, and major countries around the world have implemented foot prohibitions and work stoppage orders. Except for the medical supplies and life support products industries, most industries have been greatly impacted, and Delivery and Takeaway Food industries have also been greatly affected. In the past few years, the Delivery and Takeaway Food market experienced a growth of XXX, the global market size of Delivery and Takeaway Food reached XXX million $ in 2020, of what is about XXX million $ in 2015. From 2015 to 2019, the growth rate of global Delivery and Takeaway Food market size was in the range of xxx%. At the end of 2019, COVID-19 began to erupt in China, Due to the huge decrease of global economy; we forecast the growth rate of global economy will show a decrease of about 4%, due to this reason, Delivery and Takeaway Food market size in 2020 will be XXX with a growth rate of xxx%. This is xxx percentage points lower than in previous years. As of the date of the report, there have been more than 20 million confirmed cases of CVOID-19 worldwide, and the epidemic has not been effectively controlled. Therefore, we predict that the global epidemic will be basically controlled by the end of 2020 and the global Delivery and Takeaway Food market size will reach XXX million $ in 2025, with a CAGR of xxx% between 2020-2025.
    [Show full text]
  • From Lawyer to CEO?
    A Seat at the Head of the Table: From Lawyer to CEO? Interviews and Profiles Skills and Professional Development 1 / 13 2 / 13 3 / 13 CHEAT SHEET Risk aversion. Most law firm cultures are built around a strong bias to risk aversion. However, in transitioning to a more entrepreneurial role, lawyers must expand their perception from “no” to “yes,” even if the next question is “how?” Wearing two hats. For lawyers in business roles, it can sometimes be difficult to look beyond the legal issues when making decisions. As such, it’s essential to develop the ability to wear two hats at a time: one for the business, and one for the legal department. A fresh perspective. As in-house counsel, your seat is often at the center of the table. Given your understanding of the business from all angles, your input will be fresh and unique. Instilling interest. Unfortunately, not everyone is cut out to be an entrepreneur. Above being able to understand the business, lawyers must have a legitimate interest in business operations to succeed. April 2017 marked the 15-year anniversary of my law school graduation. I went through several stages before I realized my legal ambitions, ranging from public service to a coveted spot at a national firm. However, in 2008, I made the jump to general counsel for a technology company. Today, I’m still a GC with the same company, as well as a shareholder. Given my time with the company, familiarity with our “product,” and background, I am often called upon for business-related decisions.
    [Show full text]
  • Effects of Generic Strategies on the Competitive Advantage of Firms in Kenya’S Airline Industry: a Survey of Selected Airlines
    EFFECTS OF GENERIC STRATEGIES ON THE COMPETITIVE ADVANTAGE OF FIRMS IN KENYA’S AIRLINE INDUSTRY: A SURVEY OF SELECTED AIRLINES BY RUTH MORAA OMWOYO UNITED STATES INTERNATIONAL UNIVERSITY AFRICA FALL, 2016 EFFECTS OF GENERIC STRATEGIES ON THE COMPETITIVE ADVANTAGE OF FIRMS IN KENYA’S AIRLINE INDUSTRY: A SURVEY OF SELECTED AIRLINES BY RUTH MORAA OMWOYO A Research Project Report Submitted to the Chandaria School of Business in Partial Fulfillment of the Requirement for the Degree of Masters in Business Administration (MBA) UNITED STATES INTERNATIONAL UNIVERSITY – AFRICA FALL, 2016 STUDENT’S DECLARATION I, the undersigned, declare this my original work and has not been submitted to any other college, institution or university other than United States International University-Africa for academic credit. Signed _________________________ Date: _________________________ Ruth Moraa Omwoyo (ID No: 645630) This project report has been presented for examination with my approval as the appointed supervisor. Signed ___________________________ Date: _________________________ Dr. Juliana M. Namada Signed: __________________________ Date: _________________________ Dean Chandaria School of Business ii COPYRIGHT © 2016 Ruth Moraa Omwoyo ALL RIGHTS RESERVED. Any unauthorized reprint or use of this research report is prohibited. No part of the study may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system without express written permission from the author and the university. iii ABSTRACT The purpose of the study was to examine the effects of generic strategies on competitive advantage on firms in Kenya’s airline industry. It focused on selected airlines. This study aimed at establishing how cost leadership strategy affect competitive advantage, determining how differentiation strategy affect competitive advantage and examining how focus strategy affect competitive advantage of firms in Kenya’s airline industry.
    [Show full text]
  • SATURN PARTNERS LIMITED PARTNERSHIP III a Delaware Limited Partnership
    Fourth Amended and Restated Confidential Private Placement Memorandum SATURN PARTNERS LIMITED PARTNERSHIP III A Delaware Limited Partnership PRIVATE PLACEMENT OF LIMITED PARTNERSHIP INTERESTS A venture capital fund that will source and lead investments focusing primarily on software and information technology, with secondary focus on specialty energy, biotechnology and advanced materials. The fund may also invest in follow-on investments in certain Saturn Affiliate portfolio companies and special opportunities that are believed to have potential for significant growth. The purchase of a limited partnership interest in Saturn Partners Limited Partnership III involves a high degree of risk. See “RISK FACTORS” in this Memorandum. September 1, 2012 Name of Offeree: Memorandum No.: A/75186653.1 THIS FOURTH AMENDED AND RESTATED PRIVATE PLACEMENT MEMORANDUM (THIS “MEMORANDUM”) AMENDS AND RESTATES THE THIRD AMENDED AND RESTATED PRIVATE PLACEMENT MEMORANDUM DATED SEPTEMBER 1, 2011, THE SECOND AMENDED AND RESTATED PRIVATE PLACEMENT MEMORANDUM DATED DECEMBER 1, 2010, THE AMENDED AND RESTATED PRIVATE PLACEMENT MEMORANDUM DATED AUGUST 1, 2010 AND THE PRIVATE PLACEMENT MEMORANDUM DATED JUNE 1, 2010, AND HAS NOT BEEN FILED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION NOR HAS SUCH COMMISSION OR ANY STATE SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY DETERMINED WHETHER IT IS ACCURATE OR COMPLETE, OR PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. THIS MEMORANDUM DOES NOT CONSTITUTE AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO BUY, A SECURITY IN ANY JURISDICTION IN WHICH IT IS UNLAWFUL TO MAKE SUCH AN OFFER OR TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH AN OFFER OR SOLICITATION IN SUCH JURISDICTION.
    [Show full text]
  • Economic Perspectives
    The Journal of The Journal of Economic Perspectives Economic Perspectives The Journal of Spring 2015, Volume 29, Number 2 Economic Perspectives Symposia The Bailouts of 2007–2009 Austan D. Goolsbee and Alan B. Krueger, “A Retrospective Look at Rescuing and Restructuring General Motors and Chrysler” W. Scott Frame, Andreas Fuster, Joseph Tracy, and James Vickery, “The Rescue of Fannie Mae and Freddie Mac” Charles W. Calomiris and Urooj Khan, “An Assessment of TARP Assistance to Financial Institutions” Robert McDonald and Anna Paulson, “AIG in Hindsight” Phillip Swagel, “Legal, Political, and Institutional Constraints on A journal of the the Financial Crisis Policy Response” American Economic Association Disability Insurance Jeffrey B. Liebman, “Understanding the Increase in Disability Insurance Benet 29, Number 2 Spring 2015 Volume Receipt in the United States” Pierre Koning and Maarten Lindeboom, “The Rise and Fall of Disability Insurance Enrollment in the Netherlands” James Banks, Richard Blundell, and Carl Emmerson, “Disability Benet Receipt and Reform: Reconciling Trends in the United Kingdom” Articles Darrell Dufe and Jeremy C. Stein, “Reforming LIBOR and Other Financial Market Benchmarks” Rainer Böhme, Nicolas Christin, Benjamin Edelman, and Tyler Moore, “Bitcoin: Economics, Technology, and Governance” Konstantin Kashin, Gary King, and Samir Soneji, “Systematic Bias and Nontransparency in US Social Security Administration Forecasts” Recommendations for Further Reading Spring 2015 The Journal of Economic Perspectives A journal of
    [Show full text]
  • Paying for the Party
    PX_PARTY_HDS:PX_PARTY_HDS 16/4/08 11:48 Page 1 Paying for the Party Myths and realities in British political finance Michael Pinto-Duschinsky edited by Roger Gough Policy Exchange is an independent think tank whose mission is to develop and promote new policy ideas which will foster a free society based on strong communities, personal freedom, limited government, national self-confidence and an enterprise culture. Registered charity no: 1096300. Policy Exchange is committed to an evidence-based approach to policy development. We work in partnership with aca- demics and other experts and commission major studies involving thorough empirical research of alternative policy out- comes. We believe that the policy experience of other countries offers important lessons for government in the UK. We also believe that government has much to learn from business and the voluntary sector. Tru, stees Charles Moore (Chairman of the Board), Theodore Agnew, Richard Briance, Camilla Cavendish, Robin Edwards, Richard Ehrman, Virginia Fraser, Lizzie Noel, George Robinson, Andrew Sells, Tim Steel, Alice Thomson, Rachel Whetstone PX_PARTY_HDS:PX_PARTY_HDS 16/4/08 11:48 Page 2 About the author Dr Michael Pinto-Duschinsky is senior Nations, the European Union, Council of research fellow at Brunel University and a Europe, Commonwealth Secretariat, the recognised worldwide authority on politi- British Foreign and Commonwealth cal finance. A former fellow of Merton Office and the Home Office. He was a College, Oxford, and Pembroke College, founder governor of the Westminster Oxford, he is president of the International Foundation for Democracy. In 2006-07 he Political Science Association’s research was the lead witness before the Committee committee on political finance and politi- on Standards in Public Life in its review of cal corruption and a board member of the the Electoral Commission.
    [Show full text]
  • Helen Chapman Witness Statement July 2020 PDF 829KB
    1 Respondent H Chapman HC1 29 July 2020 IN THE WESTMINSTER MAGISTRATES’ COURT IN THE MATTER OF AN APPEAL UNDER THE PRIVATE HIRE VEHICLES (LONDON) ACT 1998 B E T W E E N: UBER LONDON LIMITED Appellant -and- TRANSPORT FOR LONDON Respondent -and- LICENSED TAXI DRIVERS ASSOCIATION Interested Party __________________________________________________________ WITNESS STATEMENT OF HELEN CHAPMAN _________________________________________________________ I, HELEN CHAPMAN, of Transport for London (‘TfL’), 5 Endeavour Square, London, E20 1JN, will say as follows: 1. I am employed by TfL as Director of Licensing, Regulation and Charging, a post I have held since May 2018. I held this post on an interim basis from December 2017. My responsibilities in this role include supervision of TfL’s licensing and regulation of taxis and private hire vehicles, oversight of Taxi and Private Hire (‘TPH’) policy and management of the TPH and Road User Charging department at TfL including the Congestion Charge Scheme and the Ultra Low Emission Zone. 2 2. I have worked at TfL since 2002. I joined TfL’s TPH department in 2009 as a Deputy Director, before becoming General Manager of TPH in 2013. Prior to working in TPH, I worked on congestion charging and traffic enforcement. 3. The facts and matters in this witness statement are within my own knowledge, except where I indicate otherwise. In such cases, I indicate the source of my belief and understanding and I believe the facts and matters stated to be true. I am duly authorised to make this witness statement for TfL as the Respondent in these proceedings. At various points in this statement I set out the corporate views of TfL as a whole, which accord with my own views.
    [Show full text]
  • Linking Business Models with Business Architecture to Drive Innovation
    Linking Business Models with Business Architecture to Drive Innovation Linking Business Models with Business Architecture to Drive Innovation A Business Architecture Guild Whitepaper Principal Co-Authors: Steve DuPont, Karen Erwin, Bryan Lail, Stephen Marshall Reviewers: Remco Blom, Frank Fons, William Ulrich, Wilton Wratten, Carl Zuhl August 2015 1 Copyright ©2015 Business Architecture Guild Linking Business Models with Business Architecture to Drive Innovation Executive Summary A business model describes the rationale of how an organization creates, delivers, and captures value.1 Organizations are expanding their innovation focus from products and processes to business models in order to remain competitive in the face of shrinking product lifecycles and growing market uncertainties. They are increasingly embracing the business model concept in strategic planning, accompanied by a greater focus on customers and corresponding value propositions. In a parallel development, organizations are using business architecture to provide increased business transparency and maximize the likelihood of an effective and successful deployment of strategy. Business architecture is defined as “a blueprint of the enterprise that provides a common understanding of the organization and is used to align strategic objectives and tactical demands.”2 Despite the natural progression from business models (as an expression of business strategy) to business architecture (as the actionable blueprint for that strategy), these two concepts have evolved separately. To date, limited consideration has been given as to how they relate to each other. This white paper aims to address that gap, by demonstrating that the two approaches not only relate to each other but also work well together to effect change. We further expand on this synergy with a practical case study.
    [Show full text]
  • The Mind of the Strategist
    The Mind of the Strategist The Art of Japanese Business by Kenichi Ohmae © 1982 McGraw-Hill 304 pages Focus Take-Aways Leadership & Mgt. • The purpose of business strategy is to cause events to favor your strengths. Strategy • Identify your strengths and build on them. Sales & Marketing Corporate Finance • Every industry has a key success factor — know yours. Human Resources • Penetrate appearances. Technology & Production • Address the problem, not the symptoms. Small Business • Know what separates winners from losers in your industry and your market. Economics & Politics Industries & Regions • Analyze potential improvements in terms of cost, benefi t and strategic advantage. Career Development • Keep track of customer and market trends — even though customers may not Personal Finance know what they want. Concepts & Trends • Know the difference between a “business” and a “product.” • Think like an entrepreneur, but think. Rating (10 is best) Overall Applicability Innovation Style 9 9 9 9 To purchase individual Abstracts, personal subscriptions or corporate solutions, visit our Web site at www.getAbstract.com or call us at our U.S. offi ce (954-359-4070) or Switzerland office (+41-41-367-5151). getAbstract is an Internet-based knowledge rating service and publisher of book Abstracts. getAbstract maintains complete editorial responsibility for all parts of this Abstract. The respective copyrights of authors and publishers are acknowledged. All rights reserved. No part of this abstract may be reproduced or transmitted in any form or by any means, electronic, photocopying, or otherwise, without prior written permission of getAbstract Ltd (Switzerland). Relevance What You Will Learn In this Abstract, you will learn: 1) How Japanese business people think about strategy; and 2) How you should conceptualize and execute your strategy.
    [Show full text]
  • The Uber Board Deliberates: Is Good Governance Worth the Firing of an Entrepreneurial Founder? by BRUCE KOGUT *
    ID#190414 CU242 PUBLISHED ON MAY 13, 2019 The Uber Board Deliberates: Is Good Governance Worth the Firing of an Entrepreneurial Founder? BY BRUCE KOGUT * Introduction Uber Technologies, the privately held ride-sharing service and logistics platform, suffered a series of PR crises during 2017 that culminated in the resignation of Travis Kalanick, cofounder and longtime CEO. Kalanick was an acclaimed entrepreneur, building Uber from its local San Francisco roots to a worldwide enterprise in eight years, but he was also a habitual rule- breaker. 1 In an effort to put the recent past behind the company, the directors of Uber scheduled a board meeting for October 3, 2017, to vote on critical proposals from new CEO Dara Khosrowshahi that were focused essentially on one question: How should Uber be governed now that Kalanick had stepped down as CEO? Under Kalanick, Uber had grown to an estimated $69 billion in value by 2017, though plagued by scandal. The firm was accused of price gouging, false advertising, illegal operations, IP theft, sexual harassment cover-ups, and more.2 As Uber’s legal and PR turmoil increased, Kalanick was forced to resign as CEO, while retaining his directorship position on the nine- member board. His June 2017 resignation was hoped to calm the uproar, but it instead increased investor uncertainty. Some of the firm’s venture capital shareholders (VCs) marked down their Uber holdings by 15% (Vanguard, Principal Financial), while others raised the valuation by 10% (BlackRock).3 To restore Uber’s reputation and stabilize investor confidence, the board in August 2017 unanimously elected Dara Khosrowshahi as Uber’s next CEO.
    [Show full text]
  • Netflix Ecosystem Phone: (408) 540-3700
    Netflix 100 Winchester Circle Los Gatos, CA 95032 Netflix Ecosystem Phone: (408) 540-3700 www.netflix.com Outside Relationships (a California Corporation) Outside Relationships Netflix Securities Regulation Regulators Capital Suppliers Customers and Stock Exchange Customers Suppliers Capital Regulators Debt Structure Equity Structure Listing Rules Public Debt Bond Financing Holders Debt ( $16.31 Billion as of December 31, 2020) | Credit Ratings: S&P (BB+), Moody’s (Ba3) Equity Securities Common Stock Regulators $750 Million Revolving Credit Facility (Matures 2024) 2021 Senior Notes ($500 Million) 2025 Senior Notes ($800 Million) 2027 Senior Notes ($1.588 Billion) Common Stock Repurchase Plan Preferred Stock Common Stock Repurchases Significant Authorized: $5 Billion Authorized: 10,000,000 Authorized: 4,990,000,000 Shareholders Deposit Accounts with Black-Owned Financial Institutions 2022 Senior Notes ($700 Million) 2025 Senior Notes ($500 Million) 2028 Senior Notes ($1.600 Billion) US Securities Balance Available: $5 Billion Issued: None Issued: 442,895,261 Revolving Credit Financing Equity Capital and Exchange Commercial Black Economic Development Initiative Hope Credit Union 2024 Senior Notes ($400 Million) 2026 Senior Notes ($1.00 Billion) 2028 Senior Notes ($1.900 Billion) Expiration: None Record Holders: None Record Holders: 1,977 The Vanguard Commission Banks (Lead Group, Inc. Subjects of Bank: Goldman Communication (7.06%) General Sachs, JPMorgan Equipment and Corporate Functions Product Content Professional The NASDAQ Business
    [Show full text]