David Rosenthal: belief

Transcript context

…Then how come this whole business model, is there actually enough dollars to go around as you start to get to more and more customers versus a smaller set of customers who are willing to pay a larger markup in order to have more actual dollars to go around here? That's how I would describe. Company's doing a bang up job of capturing value. How is the value created for the world compared to the value destroyed for the world? I think there's a strong case to be made around exploitation of gig workers. Not nearly as strong as the ridesharing. I actually think that this seems to be a much friendlier company to Dashers than ridesharing tends to be to drivers. I agree. I think the biggest reason for that I think is structural—we're talking about a minute ago in terms of vehicle types—the depreciation on ridesharing, on the vehicles is a huge in cost that the laborers bear and of course depending on what vehicle you're driving with for DoorDash, you're probably also incurring depreciation but potentially way less. And a lot of them are leases which are built into the cost of the lease. I think the bigger case is that there's value destruction happening for the world just on the restaurant's side. As much as DoorDash wants to sell a story around how we empower local businesses, I would hate to live in a world where those businesses didn't thrive, and people only bought stuff through us, and we're not the merchant, our merchants are the merchants and we're just the platform. I just don't think that's where this business is really going. I think that's a wolf in sheep's clothing or fox in the henhouse or whatever you want to say, especially now that they have the market cap that they do and they're publicly traded and they have the shareholders that they do. I just don't see a world where what they're actually doing 10 years from now is empowering local businesses.…

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