Former Uber CEO Travis Kalanick is resigning from the board of directors, severing ties with the ride-hailing company that he co-founded a decade ago and ran until a series of scandals led to his downfall. Kalanick recently sold more than $2.5 billion worth of stock in the company, or more than 90% of his holdings. Uber under Kalanick grew with incredible speed, but like a number of other tech startups, it ran into trouble with a corporate culture that appeared at times to be spinning out of c
Shares of Uber hit a record low of $25.58 on Wednesday, when trading restrictions on majority of the company's 1.7 billion outstanding shares were lifted. The San Francisco-based company's shares were down 2.2% at $26.44 in morning trade on Monday.
Kalanick owns 10 percent of Uber, which will earn him about $1.4 billion in this sale.
New board will limit the power still wielded by Travis Kalanick
"There is no question that the previous management and security team at Uber failed in their responsibility to their drivers, to regulators, to justice and above all to customers. That's a pretty long list."
New CEO Dara Khosrowshahi inherits yet another scandal from Uber founder Travis Kalanick.
Travis Kalanick will still have some influence, but he won't retake the throne.
For many women in Silicon Valley, Fowler's blog post was the shot heard around the world.
The appointments were a "complete surprise" to Uber and its board
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Instead, Anthony Levandowski told Travis Kalanick he had "found" five CDs with Waymo information.
Those files are pertinent to an ongoing patent lawsuit over autonomous technology between Uber and Google's former autonomous car unit now known as Waymo.
And the company was made in his very image.
The 40-year-old's pugnacious style defined Uber's approach and helped it become a transportation colossus valued at $68 billion