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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "text": "Technological advances required... AVs currently regulated... Capital-intensive road infrastructure...",
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      "text": "Uber's 20% per ride take-rate is low relative to the value it provides... Demand aggregation of 170mm customers... Scaled-network provides driver routing... Uber already has 14 AV partners...",
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      "text": "Delivery is ~50% of bookings... International mobility is >50% of bookings...",
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      "text": "Source: Company filings and Pershing Square estimates. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
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