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What was Benchmark thinking?

Yesterday, Benchmark, the powerful venture firm and a major Uber shareholder, filed a lawsuit against the company’s recently ousted CEO Travis Kalanick in a remarkable move.

It now alleges that Kalanick ultimately hopes to “pack the board to facilitate his desired re-appointment as Uber’s CEO,” and it aims to stop that maneuver.

It had front row seats into what was happening at the company — not to mention unfettered access to the endless media coverage that Uber’s controversial corporate culture has received since its initial launch in San Francisco.

Not only does the lawsuit feel disingenuous, but the six-person partnership — considered among the top firms in the world and a unique alternative to fierce rivals like the sprawling Andreessen Horowitz, as well as the more metrics-driven Sequoia Capital — has now made plain that when push comes to shove, it won’t be so founder-friendly after all.

Given Benchmark’s reported 10 percent stake in Uber, its partners each stand to make hundreds of millions of dollars from the company in carried interest.

READ MORE (TechCrunch)

  • Uber Investor Declares a State of EmergencyBloomberg
  • More Uber woes: Exec resigns, investor sues ousted CEOPost-Bulletin
  • Uber Investor Sues to Force Former CEO Travis Kalanick Off
  • Uber Drama Is Driving Execs
  • Travis Kalanick sued by major Uber investorWFMZ Allentown
  • Uber exec resigns, investor sues ousted CEOKIMA CBS 29
  • Axios Pro RataAxios
  • Data Sheet—Friday, August 11, 2017Fortune
  • 6 Most Important Things in Business Today24/7 Wall St.

This post first appeared on The 5th News, please read the originial post: here

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What was Benchmark thinking?


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