It also serves as a cautionary tale; as a venture capitalist, be very careful whom you provide capital to.
It has been obvious for years that Travis Kalanick will run Uber into the ground, unless controlled. This is not new. One of the reasons there isn't a CFO is so he doesn't have to justify his awful ideas.
It's good to see Benchmark is finally admitting that they (and the rest of the board) have failed to do their job; by failing to more adequately govern Uber.
Uber is a looming disaster for investors, and I pity employees there who think their options are going to make them rich. That will only be true for a very, very few, because Travis has made decisions that will leave most of them with basically nothing.
It has been obvious for years that Travis Kalanick will run Uber into the ground, unless controlled. This is not new. One of the reasons there isn't a CFO is so he doesn't have to justify his awful ideas.
It's good to see Benchmark is finally admitting that they (and the rest of the board) have failed to do their job; by failing to more adequately govern Uber.
Uber is a looming disaster for investors, and I pity employees there who think their options are going to make them rich. That will only be true for a very, very few, because Travis has made decisions that will leave most of them with basically nothing.