在 Acquired 播客第 31 集中，主持人 Ben Gilbert 和 David Rosenthal 迎来了彭博社全球技术高级执行主编 Brad Stone，他也是《一网打尽：贝佐斯与亚马逊时代》（关于亚马逊）和《创业维艰：Airbnb、优步与硅谷的亿万富翁们》（关于 Airbnb 和 Uber）的作者。本集深入探讨了 Uber 和滴滴出行在中国合并的故事，这场动荡的战役对全球网约车行业产生了重大影响。 故事始于 2012 年，当时 Uber 已经成为美国的一股新兴力量，他们意识到总部位于伦敦的 Halo 计划扩张到美国市场，这构成了一个潜在的威胁。与此同时，Lyft 和 Sidecar 等网约车先驱也在美国崭露头角，促使 Uber 推出了 Uber X。随着网约车市场的蓬勃发展，全球各地的创业者都注意到了这一点，尤其是在中国，涌现了大约 30 家公司参与竞争。其中一家是滴滴打车，由前阿里巴巴员工程维和王刚创立。 Brad Stone 强调了程维的谦逊以及他为取得成功而不择手段的决心。他强调了 Halo 早些时候公开宣布其国际扩张计划，无意中刺激了中国的创业活动。这 30 家中国公司早期的竞争非常激烈，各公司通过大量补贴车费来疯狂烧钱。滴滴打车意识到腾讯的潜力，战略性地与该公司合作并整合到微信中，通过红包推广活动来推动支付量，从而推动了公司的发展。 DST 的 Yuri Milner 错过了投资 Uber 的机会，转而投资了滴滴，并开始撮合滴滴和快的的合并。意识到 Uber 迫在眉睫的威胁，各方更愿意达成协议。滴滴获得了合并后公司 60% 的股份，并任命程维为 CEO。 意识到中国市场的潜力，Uber 于 2013 年开始秘密进行测试。当滴滴和快滴专注于合并时，Uber 抓住了机会，获得了 30% 的市场份额。然而，Uber 的 CEO Travis Kalanick 低估了滴滴，并提出以 40% 的股份收购这家中国公司，但遭到程维拒绝。 这次拒绝点燃了一场代价高昂的战争，双方都筹集了数十亿美元来补贴车费。滴滴采取了一项精明的举措，投资了 Uber 在全球的竞争对手，包括 Lyft、印度的 Ola 和东南亚的 Grabtaxi，组建了一个对抗 Uber 的全球联盟。Brad Stone 指出，Uber 最初对这个联盟不屑一顾，认为其资本优势将会胜出。然而，苹果和富士康对滴滴的投资让 Uber 的高管们开始质疑他们获胜的能力。 到 2016 年夏天，滴滴声称拥有 85% 的市场份额，并在中国 400 个城市运营，而 Uber 仅在 100 个城市运营。在投资者的压力下，Uber 发起了和平谈判。几周之内，达成了一项协议，Uber 将其中国业务出售给滴滴，以换取 17% 的股权、10 亿美元的投资和一个董事会席位。Brad Stone 认为这个结果是滴滴的胜利，他们获得了市场，并且消除了一个主要的竞争对手。 主持人随后转向对这笔交易进行评分，David 和 Ben 分别给 Uber 打出了 B+ 和 A- 的评分，给滴滴打出了 B- 和 B+ 的评分。Brad 选择不对这笔交易进行评分。主持人讨论了 Uber 如果没有参与在中国这场代价高昂的战争，是否可以更早地进行 IPO，以及建立护城河与焚烧地球之间的重要性。

In episode 31 of the Acquired podcast, hosts Ben Gilbert and David Rosenthal welcome Brad Stone, senior executive editor of Global Technology at Bloomberg and author of "The Everything Store" (about Amazon) and "The Upstarts" (about Airbnb and Uber). The episode dives into the story of the merger between Uber and Didi Chuxing in China, a tumultuous battle that had significant implications for the ride-sharing industry worldwide. The narrative begins in 2012 when Uber, already a rising force in the US, recognized a potential threat from London-based Halo's plans to expand into the US market. Simultaneously, ride-sharing pioneers like Lyft and Sidecar were gaining traction in the US, prompting Uber to launch Uber X. As the ride-sharing market boomed, entrepreneurs globally took notice, particularly in China, where around 30 companies emerged to compete. Among these was Didi Dache, founded by Chang Wei and Wang Gong, former Alibaba employees. Brad Stone highlights Chang Wei's humility and ruthless drive to succeed. He emphasizes how Halo's earlier public announcement of its international expansion inadvertently spurred entrepreneurship in China. The early competition among the 30 Chinese companies was fierce, with companies aggressively burning cash by heavily subsidizing rides. Didi Dache, recognizing Tencent's potential, strategically partnered with the company and integrated into WeChat, propelling the firm forward through a red-envelope promotion to drive payment volume. Yuri Milner from DST, who missed out on investing in Uber, invested in Didi and started brokering a deal between Didi and Quadi. Recognizing the looming threat of Uber, the parties were more amenable to a deal. Didi secured 60% of the merged company and appointed Chang Wei as CEO. Uber, aware of the Chinese market's potential, initiated clandestine testing in 2013. As Didi and Quadi focused on their merger, Uber seized the opportunity to gain a 30% market share. However, Uber’s CEO, Travis Kalanick, underestimated Didi and offered to acquire the Chinese company for a 40% stake, which Chang Wei rejected. The rejection ignited a costly battle, with both companies raising billions to subsidize rides. Didi made a shrewd move by investing in Uber's rivals globally, including Lyft, Ola in India, and Grabtaxi in Southeast Asia, forming a global alliance against Uber. Brad Stone points out that Uber initially dismissed the alliance, believing its capital advantage would prevail. However, Didi's investments from Apple and Foxconn led Uber executives to question their ability to win. By the summer of 2016, Didi claimed 85% market share and operated in 400 Chinese cities, while Uber operated in only 100. Under investor pressure, Uber initiated peace negotiations. Within weeks, a deal was reached where Uber sold its China operations to Didi in exchange for a 17% equity stake, a billion-dollar investment, and a board seat. Brad Stone sees this outcome as a victory for Didi, gaining the market and the absence of a major rival. The hosts then turn to grading the transaction, with David and Ben awarding B+ and A- to Uber, respectively, and B- and B+ to Didi. Brad chooses not to grade the transaction. The hosts discuss whether Uber could have IPO’d earlier if it did not engage in the costly battle in China, and the importance of building a moat versus torching the Earth.