Home » Money

Uber Might Wait Weeks To Win Back License In London

06 October, 2017, 00:38 | Author: Paula Vaughn
  • Uber boss resigns as it battles for licence			
				 
   by Tess De La Mare 
  Published

SoftBank previously held discussions on whether or not it should buy a huge portion of Uber's stock, but reports said that depended on whether the company was willing to implement governance changes.

"SoftBank's interest is an incredible vote of confidence in Uber's business and long-term potential, and we look forward to finalizing the investment in the coming weeks", Uber said. An Uber spokesperson called the power move "a complete surprise" on Friday, given the fact its former chief executive had controlled those seats but left them empty for more than a year, and that they are now at the center of a lawsuit from investor Benchmark Capital against Kalanick over alleged fraud. The Japanese firm plans to invest as much as $1.25 billion at Uber's current valuation of almost $70 billion, and then buy up to an additional $10 billion worth of shares at a valuation of around $50 billion, Recode reported Tuesday.

The board has proposed re-tooling Uber's governance structure to diminish the power of some shareholders - Class B shareholders now have 10-to-1 voting power, but that would change to one vote per share, said Los Angeles-based attorney Mark Geragos, who represents the group of shareholders, which includes outspoken investor Shervin Pishevar.

Kalanick would lose one of the three board seats he controls, and a representative from SoftBank, which is considering a major investment in Uber, would get the seat instead.

In a rare moment of unity, the ride-hailing firm's leaders agreed Tuesday to a "one share, one vote" model to ensure parity in decision making, three sources familiar with matter said.

Rock and Roll legend, Tom Petty, dies at the age of 66
Petty gained fame as the voice behind iconic hits like " Free Fallin' ", " American Girl " and " I Won't Back Down ". In between 1976 and 1999, Petty released a total of 10 albums and all of them were gold-certified in the least.

Directors at the San Francisco company are optimistic about passing a share sale of as much as $10 billion, though it's possible the board will need to accept certain compromises to reach consensus, said the people, who asked not to be identified because the deliberations are private.

In a statement to Business Insider Friday night, Kalanick basically admitted his surprise appointments were created to get in front of the proposed changes to the board structure. But Khosrowshahi was able to bring directors together to push through changes that limit Kalanick's influence. Khosrowshahi was taken by surprise on Friday when Kalanick appointed two corporate titans - former Merrill Lynch CEO John Thain and former Xerox Corporation CEO Ursula Burns - to the board with little notice. Mr. Kalanick had outsize voting rights at the company under a certain class of Uber stock that he owns, and he controls three board seats under an amendment to the corporate charter that was passed past year. But during the meeting, Uber's board members voted to drop the special super-voting power of class B common shares and preferred shares - Uber's two stock categories.

That Khosrowshahi wasn't present in-person for Tuesday's board vote, speaks to the hectic week he's had as Uber's new leader.

Ever since Travis Kalanick was ousted as the CEO of Uber, the company has lurched from one trouble to another, and new CEO Dara Khosrowshahi has his hands full.

The agreement is a major victory for Uber's new CEO, Dara Khosrowshahi, who is in London after meeting with taxi regulators there to appeal a looming citywide ban.

Recommended:

  • George Foreman Just Challenged Steven Seagal To A No-Holds-Barred Fight

    George Foreman Just Challenged Steven Seagal To A No-Holds-Barred Fight

    When asked by people on Twitter why he was calling out Seagal, Foreman said it "is a sport no anger involve (d)". He believed Floyd Mayweather might like to promote it and that it could be a pay-per-view bout.
    SC questions annulment of inter-faith marriage

    SC questions annulment of inter-faith marriage

    The SC bench with CJI Dipak Misra also questioned an earlier SC order by Justice Khehar, for an NIA probe in the case. Hadiya , a homoeopath hailing from Vaikom in Kottayam district, converted to Islam a year ago and married Shafin.
    Ford Motor Company (NYSE:F) is Overbought Based on Its RSI

    Ford Motor Company (NYSE:F) is Overbought Based on Its RSI

    Investors look at the Volatility 12m to determine if a company has a low volatility percentage or not over the course of a year. General Motors Company , launched on August 11, 2009, designs, builds and sells cars, trucks, crossovers and automobile parts.
  • Google unveils a $249 smart camera that decides what's worth photographing

    Google unveils a $249 smart camera that decides what's worth photographing

    One device that was left secret though was the Google Clips miniature camera and now we know all about this little device. Google gave Clips a wide-field lens, allowing it to capture a 130-degree view of what's happening in front of it.
    Iraq former president Talabani dies

    Iraq former president Talabani dies

    Today (Tuesday), former Iraqi President and Kurdish leader Jalal Talabani passed away at the age of 83 in a Berlin hospital. He had a stroke 2012 and spent time in Germany for 18 months of treatment just before the end of his presidency.
    Honeypreet arrested by Haryana Police from Punjab

    Honeypreet arrested by Haryana Police from Punjab

    The police, which is making efforts to arrest Honeypreet Insan , had raided various location in order to track her down. Have you heard me saying a word that could have instigated the people? After my father's departure, I became helpless.
  • Salon gives cut of proceeds to Breast Cancer Care

    Salon gives cut of proceeds to Breast Cancer Care

    According to the American Cancer Society, breast cancer is the second leading cause of cancer death in women behind lung cancer. October is Breast Cancer Awareness Month, a great time to remind ourselves and the women in our lives to have a mammogram .
    Ahead of BJP's mega event, Rahul Gandhi visits Amethi today

    Ahead of BJP's mega event, Rahul Gandhi visits Amethi today

    In fact, it's a Facebook page that counters propaganda against the Congress and runs an aggressive campaign against the BJP and its leaders.
    Las Vegas shooter's girlfriend 'sent away' before his massacre

    Las Vegas shooter's girlfriend 'sent away' before his massacre

    A raid on the home they shared discovered 23 additional firearms, explosives and thousands of rounds of ammunition. No one knows why Paddock morphed from a retired accountant to the deadliest mass shooter in modern USA history.
  • Wells Fargo CEO defends leadership in heated Senate appearance

    Wells Fargo CEO defends leadership in heated Senate appearance

    COPYRIGHT VIOLATION NOTICE: This report was originally reported by Marea Informative and is the property of of Marea Informative. The company had revenue of $22.20 billion during the quarter, compared to analysts' expectations of $22.23 billion.
    Putin to meet Saudi king in Moscow

    Putin to meet Saudi king in Moscow

    On Wednesday Putin said an extension of the OPEC deal was possible and could last "at least to the end of 2018". Saudi Arabia has its economy based on the oil sector. "King Salman doesn't do courtesy calls".
    Kansas' GOP delegation in House backs 'pain-capable' abortion bill

    Kansas' GOP delegation in House backs 'pain-capable' abortion bill

    The baby's sex, which has been determined since fertilization, is identifiable. "These unborn babies are feeling pain". House debate came a week after the collapse of a GOP effort to repeal much of President Barack Obama's healthcare law.


Popular

Modi, Jaitley, Shah hold crucial meet on economic slowdown; major announcements likely
According to RSS , the rally was earlier postponed as the state BJP leaders are not committed to strengthening the party. Shah's yatra in the district against the political violence in the state is scheduled from today to October 17.

Salt Lake City named candidate to host 2026 FIFA World Cup
USA soccer president Sunil Gulati is confident that North America's infrastructure will support their World Cup joint bid. The 2026 World Cup will be the first to feature an expanded field of 48 teams.

Range Rover Sport plug-in hybrid launched priced from £70800
Land Rover achieved its best ever September, up 14%, to 6,407 cars, with strong sales across the Range Rover family. When working in unison the vehicle is capable of hitting 100km/h in 6.7 seconds and a top speed of 137mph.

New tropical depression forms with Georgia in its crosshairs
The plot of different computer models shows a more westward track into the central Gulf coast is also possible. Stay with 11Alive and 11Alive.com for the latest on this developing tropical weather system.

Las Vegas gunman's father was on FBI's Most Wanted list
An FBI wanted poster says his father, now deceased, was "diagnosed as psychopathic" and "reportedly has suicidal tendencies". Mesquite police issued a statement saying that they had never dealt with him "in any way".