Travis Kalanick, who built Uber into a ride-hailing giant, only to be ousted as CEO over the company’s sexist “bro” culture, is cashing out.
Kalanick disclosed Tuesday that he has sold off all his Uber stock — estimated at more than $2.5 billion — and is resigning from the board of directors, severing ties to the company he co-founded a decade ago.
“Uber has been a part of my life for the past 10 years. At the close of the decade, and with the company now public, it seems like the right moment for me to focus on my current business and philanthropic pursuits,” the 43-year-old entrepreneur said in a statement.
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Uber, based in San Francisco, transformed the way people get around and how they make a living, too, turbocharging the gig economy and undermining the taxi industry.
Its nearly four million drivers around the globe have logged 15 billion trips since 2010, when Kalanick and Garrett Camp came up with the idea of hailing a ride from a smartphone after a trip to Paris when they couldn’t find a taxi.
But Kalanick was fired as CEO in the summer of 2017 with the company mired in lawsuits.
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 control. Before his ouster as chief executive, Kalanick acknowledged he needed to “fundamentally change and grow up.”
His career at Uber seemed to fit a certain pattern seen in Silicon Valley: The brash and disruptive personalities who are great at creating startups can be ill-suited for the corner office when the company reaches maturity. Sometimes “adult supervision” in the form of experienced executives has to be brought in.
In one of the Uber’s biggest scandals, Kalanick was accused of presiding over a workplace environment that allowed rampant sexual harassment.
A former Uber engineer, Susan Fowler, leveled sexual harassment and sexism allegations in a 2017 blog post, saying a boss — not Kalanick — had propositioned her and higher-ups had ignored her complaints. Kalanick called the accusations “abhorrent” and hired former Attorney General Eric Holder to investigate. Holder recommended reducing Kalanick’s responsibilities.
After multiple investigations, Uber fired 20 employees accused of sexual harassment, bullying and retaliation against those who complained. This month, the company paid $4.4 million to settle a federal investigation over workplace misconduct.
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The problems went beyond employee relations.
Waymo, the self-driving car company spun off from Google, sued Uber in 2017, alleging a top manager at Google stole pivotal technology from the company before leaving to run Uber’s self-driving car division.
Uber also gained a reputation under Kalanick for running roughshod over regulators, launching in markets before officials were able to draft rules and regulations to keep the ride-hailing business in check.
During Kalanick’s tenure, The New York Times revealed that Uber used a phony version of its app to thwart authorities in cities where it was operating illegally. Uber’s software identified regulators who were posing as riders and blocked access to them. The U.S. Justice Department is investigating.
“Many investors will be glad to see this dark chapter in the rear view mirror,” Dan Ives, managing director of Wedbush Securities, said in a note to investors.
Kalanick, through a spokeswoman, declined to be interviewed Tuesday.
Kalanick is not alone among visionary tech entrepreneurs who have stumbled after building startups from nothing.
Tesla founder Elon Musk has had too loose a grip on his Twitter habit and has been fined by the Securities and Exchange Commission for misleading investors with a tweet. He was also sued for defamation, but ultimately cleared, for going on Twitter and calling a British cave explorer “pedo guy” — short for “pedophile.”
Uber safety report reveals nearly 6K cases of alleged sexual assault
Adam Neumann, the former CEO of WeWork, recently stepped aside after the workplace-sharing company canceled its initial public offering amid concerns about his judgment, including his use of WeWork stock to secure a $500 million personal loan.
After Kalanick’s ouster, former Expedia CEO Dara Khosrowshahi was brought on as Uber’s chief executive to clean up its image and steer the company to its stock market debut in May. But Uber’s stock floundered and fell almost 11 per cent in its first day of trading as a public company. It has tumbled more than 30 per cent since.
“Let’s call it like it is: Uber stock has been a nightmare since the IPO coming out of the gates,” Ives said.
Kalanick had been one of Uber’s biggest shareholders, owning 9 per cent of the company at the time of the IPO.
Sam Abuelsamid, principal analyst at Navigant Research, said it was not surprising Kalanick sold his stake.
“He, like everyone else, probably realizes now that Uber and its competitors are unlikely to reach sustainable profitability in the foreseeable future,” Abuelsamid said. “Automated vehicles are not the savior for ride hailing and won’t be mainstream for many years. With that in mind, his Uber stake is probably as valuable as it will get for a long time, if not forever.”
© 2019 The Canadian Press
30+ early Cyber Monday household deals on Amazon: Cleaning, grocery, office & more – Yahoo Canada Shine On
While the online retailer boasts massive savings on a variety of everyday essentials, which you can check out here, Yahoo Canada has selected the very best deals across home, personal care, cleaning, grocery and home office.
Black Friday is over, but the Cyber Weekend deals are still going strong! Click here for all the latest updates on early Cyber Monday deals, sales and discounts.
Read on to shop 30+ everyday deals from Amazon.
Best Amazon Canada early Cyber Monday household deals
Best Amazon Canada early Cyber Monday personal care deals
Best Amazon Canada early Cyber Monday cleaning deals
Best Amazon Canada early Cyber Monday grocery deals
Best Amazon Canada early Cyber Monday home office deals
Originally published November 26, 2022, 5:53 p.m.
Black Friday is over, but you can already shop Amazon Canada’s Cyber Monday deals
It’s the ideal time to take advantage of huge savings on household essentials like coffee and batteries, as well as splurge on new tech upgrades or holiday gift ideas.
Many of these discounts are time-limited, so scroll through for a selection of this year’s best extended Black Friday deals from Amazon Canada.
Best Amazon Canada early Cyber Monday deals
Best Amazon Canada early Cyber Monday tech deals
Best Amazon Canada early Cyber Monday kitchen deals
Best Amazon Canada early Cyber Monday household essentials deals
Best Amazon Canada early Cyber Monday home deals
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Best Amazon Canada Black Friday health & beauty deals
Best Amazon Canada Black Friday fashion deals
Cha-Ching! Shopify Merchants Break Black Friday Records with $3.36 Billion in Sales
As a global provider of essential internet infrastructure for commerce, Shopify announced a record-setting Black Friday with sales of $3.36* billion from the start of Black Friday in New Zealand through the end of Black Friday in California. This marks a 17% increase in sales over Black Friday in 2021 (19% on a constant currency basis).
At its peak, merchants on Shopify saw sales of $3.5 million per minute at 12:01 PM EST on Black Friday, collectively.
“Black Friday Cyber Monday has grown into a full-on shopping season. The weekend that started it all is still one of the biggest commerce events of the year, and our merchants have broken Black Friday sales records again,” said Harley Finkelstein, President of Shopify. “Our merchants have built beloved brands with loyal communities that support them. This weekend, we’re celebrating the incredible power of entrepreneurship on a global stage.”
2022 Black Friday Global Highlights
- Peak sales per minute: $3.5 million USD on Black Friday at 12:01 PM EST
- Top selling countries and cities where shoppers made purchases from: United States, United Kingdom and Canada, with the top-selling cities on Black Friday including London, New York, and Los Angeles
- Top product categories: Apparel & accessories, followed by health & beauty, and home & garden, with trending products including Snocks GmbH (Boxershorts), rhode (peptide glazing fluid), and Brooklinen (Luxe Core Sheet Set)**
- Average cart price: $102.31 USD or $105.10 USD on a constant currency basis
- 15%: Cross-border orders worldwide on Black Friday as a percentage of total orders
- 27%: Growth in POS sales made by Shopify merchants globally over last year’s Black Friday
Visit datastories.shopify.com to view Shopify’s annual Black Friday Cyber Monday Live Globe, which captures the impact Shopify-powered stores have across the globe.
*Shopify’s 2022 Black Friday data is based on sales by Shopify merchants around the world from November 24th 11:00 UTC to November 26th 8:00 UTC.
**Shopify’s Black Friday/Cyber Monday Shopping Index is a proprietary index that provides a unique look at what’s trending during this busy shopping season based on orders, products added-to-cart, and pageviews across Shopify’s merchants.
All data presented here (including worldwide sales) is approximate and is based on various assumptions. All data is unaudited and is subject to adjustment. All financial figures are in USD. Data represents online and offline sales made by Shopify’s global merchants.
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