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One of Uber's biggest investors is suing Travis Kalanick for fraud

One of Uber's biggest investors is suing Travis Kalanick for fraud

Benchmark, an early investor and one of the largest shareholders in Uber Technologies, is suing the company's former CEO Travis Kalanick for fraud, breach of contract, and breach of fiduciary duty.

Benchmark, which was an early investor in Uber and has a seat on its board of directors, alleges that Kalanick's "overarching objective" is to pack the board with "loyal allies in an effort to insulate his prior conduct from scrutiny and clear the path for his eventual return as CEO - all to the detriment of Uber's stockholders, employees, driver-partners, and customers".

Rumors suggest that Kalanick has used his board seat as a way to find his way back to the top spot of the company. Benchmark says it never would have voted to allow for those extra seats had it known about Kalanick's "gross mismanagement and other misconduct at Uber".

The company is looking for a new chief executive after Kalanick was pressured to step down, following a series of business embarrassments for Uber.

The suit contends Kalanick essentially duped Benchmark into agreeing to expand the Uber board by three seats to 11 people, giving the then chief executive the power to appoint members.




Kalanick's pugnacious style largely defined Uber's approach and helped it become a transportation colossus valued at $68 billion, the largest private firm backed by venture capitalists in the world.

Kalanick, the former CEO of Uber, to entrench himself on Uber's Board of Directors and increase his power over Uber for his own selfish ends. Kalanick appointed himself to one of the seats after he was ousted as CEO, and the other two remain vacant.

Benchmark accuses Kalanick of withholding material information about all of these episodes past year during a vote on the board of directors.

Uber reportedly declined comment, though a spokesman for Kalanick told Axios that the suit is "completely without merit and riddled with lies and false allegations".

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