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monkeymagick
[H]News
- Joined
- Jun 22, 2008
- Messages
- 480
The Silicon Valley-based venture capital firm Benchmark is taking form Uber CEO Travis Kalanick to court. Filed in Delaware Chancey Court, the suit accuses the former CEO of being "selfish" and appointing his "loyal allies" to the board when it expanded from 8 to 11 members with Kalanick taking over one of the seats after his resignation from the company. Benchmark was one of the early investors in Uber and suggests that it would have never allowed the expansion if it knew what he was up to. Seems like Uber can't catch-a-break, cab drivers can rejoice.
This is significant, not only because of Uber's size but because Benchmark is considered one of Silicon Valley's top venture firms, with the team including noted investor Bill Gurley. Venture capitalists typically cultivate a “founder friendly” image when competing to invest in the most promising startups, but it seems like Benchmark decided the ouster and lawsuit are worth it.
This is significant, not only because of Uber's size but because Benchmark is considered one of Silicon Valley's top venture firms, with the team including noted investor Bill Gurley. Venture capitalists typically cultivate a “founder friendly” image when competing to invest in the most promising startups, but it seems like Benchmark decided the ouster and lawsuit are worth it.
