Lyft CEO Says He Learnt ‘How To Compete’ From Bill Gates And ‘How To Obsess Over Customers’ From Jeff Bezos —Now His Focus On Weaknesses Over Strengths Drives Record Rides, Earnings Beat, And 28% Stock Surge In Single Session – Lyft (NASDAQ:LYFT)

Lyft Inc. LYFT CEO David Risher‘s leadership strategy, shaped by his decade working under tech titans Bill Gates and Jeff Bezos, has propelled the ride-sharing company to record performance in 2024.

What Happened: Risher, who joined Lyft as CEO in 2023, credits a specific lesson from Gates that’s proven transformative: focus more on weaknesses than strengths.

“From Microsoft, I learned how to compete… From Amazon, I learned how to obsess over customers,” Risher wrote in his 2023 letter to employees. This approach has yielded impressive results, with Lyft posting record-high annual ride numbers last year.

In a March 2024 interview with Fox Business, Risher described a “revealing” moment watching Gates at a 1990s executive conference. When asked about Microsoft Excel’s future, Gates responded: “I don’t spend any of my time thinking about Excel because I know that right now we’ve got around 60% market share, and I know that’s going to go to 80 or 90… I don’t have to worry about that.”

This insight showed Risher that Gates created more value by focusing on areas needing improvement rather than successful products.

See Also: GOP Megadonor Ken Griffin Warns Trump Tariffs Are ‘Terrifying,’ Says Government Is Picking ‘Winners And Losers’ Amid Soaring Trade Deficit

Why It Matters: At Lyft, Risher has applied this philosophy by personally identifying weaknesses in the company’s business model. “Every six weeks or so, I open my Lyft Driver app and hit the road,” he wrote in an April shareholder letter, noting this hands-on approach helps him understand driver experiences and customer frustrations.

Following rider complaints about surge pricing, Risher directed his team to increase driver supply and develop a feature allowing riders to lock in prices during frequent commute periods.

“By the end of 2024, we could see that these were the right investments when drivers chose us at record rates,” Risher wrote, attributing the company’s success to addressing shortcomings.

The strategy appears to be working. Lyft recently reported first-quarter of 2025 earnings of 1 cent per share versus an expected 1-cent loss, with rides growing 16% year-over-year to 218.4 million. The company’s board also authorized an increased share repurchase program totaling $750 million.

“I’ve never met a great leader who isn’t curious about the details,” Risher noted, emphasizing that successful leadership requires diving into troubled areas rather than avoiding them.

Price Action: Lyft stock closed at $16.65 on Friday, up 28.08% for the day. In after-hours trading, the stock inched up another 0.30% to $16.70. Year to date, Lyft shares have gained 21.98%, according to data from Benzinga Pro.

Read Next:

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image Via Shutterstock