Travis Kalanick Resigns

Travis Kalanick, co-founder of the billion dollars ride-hailing company Uber, has resigned from his position as CEO following the chaos going on in the company.

“I love Uber more than anything in the world and at this difficult moment in my personal life I have accepted the investors request to step aside so that Uber can go back to building rather than be distracted with another fight,” Kalanick said in a statement.

Two weeks ago Uber fired about 20 employees over incidents of harassment. The company also fired its APAC Business Head Eric Alexander for allegedly obtaining the medical reports of a Uber rape victim.

Travis Kalanick recently took a leave of absence, but the shareholder indicated that this is not enough for some investors who have pumped millions of dollars into the ride-hailing company.

Kalanick has stepped down in the face of pressure from five of Uber’s largest investors which invested in Uber at an early stage. The list of investors includes Benchmark, First Round Capital, Lowercase Capital, Menlo Ventures and Fidelity Investments.

In addition, Uber has been dealing with an intellectual property lawsuit from Waymo, the self-driving car business that operates under Google’s parent company, and a federal inquiry into a software tool that Uber used to sidestep some law enforcement.

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