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.

You May Also Like

8 types of logo designs

We often constrain logo design to one thing that we are familiar…
Cisco Acquires Pawaa

Cisco Makes Its First Acquisition In India, Acquires IT Security Firm Pawaa

Networking equipment giant Cisco has acquired the Banaglore –based IT Security firm…
Hike Direct

Hike Direct Lets You Chat And Share Files Without An Internet Connection

India’s second largest instant messaging platform Hike launched a new feature called…

Coronavirus (COVID-19) myths to ignore

As the Coronavirus (COVID-19) continues to make the headlines, a host of…