Bilt Rewards launched in 2019 with a simple idea. If you can get credit-card rewards for buying a round of drinks, why can’t you get them for paying your rent? After a shambolic and short-lived partnership with Wells Fargo, the company is back with bigger ambitions: to be the platform powering 12% of the economy — housing services — plus a big chunk of what people spend on dining, workouts, healthcare, and other local services. It’s a little Amex, a little Shopify, and a little Square, and a test of a big question we’ve had about business today: Why does every company want to be a membership club? Liz and Rohan talk to Bilt CEO Ankur Jain to find out.

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Compound Interest from Semafor Business is supported by Amazon Business.

Uber changed the way people work and the way they move. Now CEO Dara Khosrowshahi is trying to figure out what role people play in his business, as AI and autonomous vehicles change the economics of transportation and impossibly, make it easier for people — or things — to get from Point A to Point B.

He talks with Semafor about his AI-driven robotaxi mission control, what self-driving cars will look like, how we’ll interact with Uber ten years from now, his own forays into vibe-coding apps — and what it means for companies everywhere.

NOTE: Khosrowshahi, who was born in Iran, reveals in this interview what he told Donald Trump, in person, about his views on the regime. We recorded with Dara last week, before the US launched its attack.

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Compound Interest from Semafor Business is supported by Amazon Business.

Business is changing in subtle and seismic ways. Every Tuesday starting March 3, Compound Interest from Semafor Business will pair journalists Liz Hoffman and Rohan Goswami with the operators, experts, and innovators behind the world’s most consequential companies, to decode why big parts of the economy work the way they do.

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Compound Interest from Semafor Business is presented by Amazon Business.