Competitive PressureUnderperformance can be attributed to concerns on competition from Tesla robotaxis, higher DiDi competition in Latam, soft restaurant data points, possible regulatory pressures in MA/CA, and potential Lyft announcements/partnerships.
Regulatory RisksAn adverse decision could impact the worker classification of drivers in California, require additional payments for workers compensation, or rescind the 7/8 'supermajority' that is required for legislative changes to Prop 22.
Stock PerformanceUber stock has underperformed, down 15% vs. NASDAQ up 7%.