Arturo Estrella has a message for recession naysayers: It could hit sooner than you think.Marketsread more
Local governments commonly share single service providers, making many vulnerable at once. On top of this, ransomware has often been used to mask more targeted, malicious...Technologyread more
Salesforce released its first earnings report since its $15.3 billion acquisition of Tableau Software, the company's largest deal ever.Technologyread more
Fed Chairman Jerome Powell faces the tough challenge of presenting a unified voice on Fed policy from the most divided Fed in years.Market Insiderread more
Kudlow also confirmed to CNBC that he supported a tax cut proposal floated earlier Thursday by Sen. Rick Scott, R-Fla.Politicsread more
VMware is following through on its proposal to buy Pivotal, a fellow Dell subsidiary, and expanding into cybersecurity with the acquisition of Carbon Black.Technologyread more
Google says it shut down hundreds of YouTube channels tied to misinformation around the Hong Kong protests.Technologyread more
It is a rare scenario where long-term interest rates suddenly fall below short-term interest rates.Real Estateread more
Investors are rushing to get a piece of its privately held rival Impossible Foods before it goes public, according to the Wall Street Journal.Food & Beverageread more
Weisler has been CEO at the company since 2015 when it split from HPE.Technologyread more
Companies want to know our values and if they work with us, "they want to be aligned with those values," Salesforce co-CEO Keith Block says.Mad Money with Jim Cramerread more
Uber co-founder Travis Kalanick, who was booted almost two years ago from the ride-hailing business he built into a global behemoth, still owns 8.6 percent of the company, a stake that could be worth close to $9 billion.
Kalanick owns 117.5 million shares of Uber, making him the third-biggest stakeholder, behind SoftBank and Benchmark, according to the company's IPO prospectus filed Thursday. With the company poised to debut at a valuation that could reach $100 billion, Kalanick is set to become one of the world's 200 richest people.
It's been a rocky road to riches for Kalanick, who was celebrated in Silicon Valley for helping start Uber in 2009 and for pioneering a new industry that aimed to modernize the taxi experience for the smartphone era. Kalanick raised billions of dollars for Uber from some of the most notable tech investors to expand the business across the globe and build out a complicated infrastructure that also put the company squarely in the food delivery and shipping markets.
But a host of controversies involving the company's culture, its treatment of drivers, and its failure to investigate and disclose abuse claims from riders, as well a high-profile legal fight with Alphabet over self-driving car technology, eventually left Kalanick in conflict with his board and top shareholders. Partners at top backer Benchmark demanded his resignation in 2017. While Kalanick is still on the board, he's left any functional role at the company and is now running a venture fund he started called 10100 (ten one hundred).
Kalanick, like other insiders, will have to wait six months before he can turn that paper profit into real money because of the post-IPO lockup period. The market could swing wildly during that period for any number of reasons. Rival Lyft is trading well below its $72 initial public offering price from last month, leaving some insiders on edge.
But Kalanick has already realized some of his gains after selling $1.4 billion worth of stock to SoftBank in early 2018. That transaction was part of a larger deal that made SoftBank the company's biggest shareholder with 16 percent ownership, followed by Benchmark at 11 percent.