Investors Sue to Boot Kalanick From Uber Board

, Delaware Business Court Insider


Benchmark Capital Partners on Thursday filed suit in the Delaware Court of Chancery to remove Travis Kalanick, the former CEO of Uber Technologies Inc., from the company’s board.

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What's being said

  • Chuck Cotton

    The Uber cremation has begun. Benchmark got conned early in the game as Bill Gurley was lured into Travis Kalanick‘s web for a initial $10M investment and gave him a board seat. Why would Gurley jump into a private corporation who had no operating history nor assets and place his clients money into the web.? Gurley bit on Kalanick‘s pitch, "Tap my app and a vehicle will arrive in ten minutes at half the price of a taxicab." I want to go public and it will bigger than Facebook ($16B). Gurley became the first big sucker and recklessly invested. The the Uber group and Gurley went to Goldman Sachs and conned them to be the underwriter and bring in a total of 15 rounds of unregistered stock sales totaling $15B and he placed a fanatical $70B valuation on the worthless stock. Yes worthless as it has been diluted so many times to now --only wallpaper. The other investors have their urns waiting to collect the ashes from their stock certificates. The urns are probably labeled "The biggest sucker deal ever". Gurley went underground along with most of the key executives and jumped to file this lawsuit in order to get close to the front of the line hoping to get whatever is left. I parallel this fiasco to many great athletes or executives or politicians who failed. Paul wrote to his son, James in his last letter, 2 Timothy 2:5,--An athlete is not crowned unless he competes according to the rules--

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