The early Uber investor suing Travis Kalanick turned its $12 million investment into $7 billion stake
Money Sharma/AFP/Getty Images
Benchmark is suing Travis Kalanick, Uber's cofounder and ousted CEO, over claims that he committed fraud in 2016. Kalanick on Friday responded to the allegations and released a legal filing arguing why the suit should be dismissed or handled in private arbitration.
Tucked into the latest legal filing is a new detail about the worth of Benchmark's early investment. The venture capital firm first backed Uber in 2011 when it led an $11 million Series A round.
Benchmark subsequently added to that investment so that its total money in the company was $12 million. That $12 million is now worth more than $7 billion, according to the legal filing. Benchmark did not immediately return Business Insider's request for comment.
The suit centers on Kalanick creating three additional seats on Uber's board of directors in 2016. Kalanick appointed himself to one of the seats after resigning as CEO while the other two, which Kalanick has the right to fill, remain vacant.
Benchmark said in the suit it would not have approved the board expansion had it been aware of the controversy surrounding Kalanick and Uber's workplace issues, accusing the CEO of packing the board with supporters. The suit calls for Kalanick's removal from the board.
Five of Uber's major investors forced Kalanick to step down in late June. Benchmark was reportedly one of the loudest voices calling for his removal.
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
- Markets rebound sharply on buying in bank stocks firm global trends
- Bengaluru's rental income highest in Q1-2024, Mumbai next: Anarock report
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market