Science

Kalanick Reportedly Cries As He Passes Torch To New Uber CEO

Kalanick Reportedly Cries As He Passes Torch To New Uber CEO

Recode's Kara Swisher is reporting that Khosrowshahi told Uber employees at an all-hands meeting that Okerstrom - who would normally be in the running to succeed Khosrowshahi at Expedia will follow him to the Uber.

As Quartz notes, Expedia began accepting bitcoin way back in 2014. The highly criticized capability was first reported previous year by TechCrunch, which noted that the company was able to decipher users locations up to five minutes after the ride was over because - among other factors - the app often still runs on the background of phones.

This raises the tantalizing prospect that Khosrowshahi, whose background is in finance, will experiment with accepting digital currency on the world's biggest ride-sharing platform.

Khosrowshahi, who starts next Tuesday, replaces ousted leader and co-founder Travis Kalanick, who resigned following a string of controversies including allegations of sexual harassment, discrimination and intellectual property theft.

Mr. Khosrowshahi, who plans to move into his new job next Tuesday, said Uber should go public in the next 18 to 36 months. Uber operates in more than 75 countries worldwide.

The loose timeline also gives Uber's incoming leader an opportunity to resolve numerous controversies facing the company.

Uber also faces a preliminary investigation launched by the US Department of Justice into possible violations of bribing foreign officials.

Khosrowshahi's ascent to the top spot at Uber is also equally surprising given that there were other names doing the rounds.

But despite the company's dented image, its financial engine still appears to be purring.

Gross bookings at the service doubled as the number of trips climbed 150 percent from a year earlier. While Uber trimmed losses, the company continues to bleed money - $645 million in the quarter ending June 30.

The obstacles Khosrowshahi must overcome at Uber, after a long summer of scandals, are indeed daunting. With a $68 billion valuation by private investors, Uber is the most valuable startup Silicon Valley has produced over the last decade, but funders have grown frustrated by the lack of a timeline for getting their payouts.

Kalanick is asking for the dismissal of an investor lawsuit against him, calling it part of a personal attack aimed at sidelining him.

Delaware Chancery Judge Sam Glasscock III on Wednesday granted Kalanick's request for arbitration with Benchmark Capital while rejecting his bid to have the lawsuit dismissed, Bloomberg reported.

The first court hearing in the case is slated for Wednesday.