The Uber situation has somehow devolved even further
The Uber situation has somehow devolved even further since last Friday morning, when we knew that Benchmark had sued former CEO Travis Kalanick for fraud.
Axios scooped just hours later that a group of small outside investors (led by Shervin Pishevar) asked Benchmark to both leave the board and divest enough shares so as to no longer have board appointment rights (including a claim that it had enough enough investor interest to buy Benchmark's stock at the latest valuation, which would value the bucket north of $6 billion).
Uber's board — minus Kalanick and Benchmark — later issued a "can't we all just get along" statement, while the NY Times reported yesterday that the board also is proceeding with preliminary secondary offer talks. Not only from SoftBank, but also the Pishevar group and a third bid from Dragoneer and General Atlantic (the latter of which may have the best chance of bringing the warring factions together, due to existing relationships). This is all still very fluid, but some thoughts: