A multibillion-dollar investment in Uber by Japanese tech giant SoftBank was set to be signed last night following weeks of delays, after former chief executive Travis Kalanick and a combatant shareholder made peace.
A multibillion-dollar investment in Uber by Japanese tech giant SoftBank was set to be signed last night following weeks of delays, after former chief executive Travis Kalanick and a combatant shareholder made peace.
Benchmark, the venture capital firm that invested early in Uber and has a board seat, agreed to drop its lawsuit against Mr Kalanick, which it launched in August in an attempt to reduce the controversial co-founder’s power at the company.
In return, Mr Kalanick, who refused to approve Softbank’s investment until Benchmark dropped their legal challenge against him, will grant Uber’s board majority approval should he want to replace the board seats he controls.
