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That #Russia thing.
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Tyler Durden
Uber Insiders Are Desperate To Sell But "The Demand Side Has Dried Up"
7 days ago




With the CEO on 'temporary' leave, and lacking most of the C-suite, Uber's seemingly endless stream of PR disasters has finaly begun to impact its 'king of unicorns' status as CNBC reports a growing number of insiders are seeking to sell their shares. But buyers are hard to find.

As a gentle reminder, here is a snapshot of some of the most notable scandals that have emerged, involving the world's most valuable private company:

  1. Another tale of sexism and unacceptable workplace behavior in Silicon Valley company has emerged. This time it's at Uber, according to an explosive blog post published on Sunday by a former company engineer named Susan Fowler Riggetti.
  2. Uber's newly-hired VP of engineering Amit Singhal was asked to, and did, resign on Monday after the company learned from Recode that he was accused of sexual harassment shortly before leaving Google a year ago. Here's more on the difficult position of former employers in this case.
  3. A video showing Uber CEO Travis Kalanick rudely arguing with a long-time driver at the end of his ride was published by Bloomberg. "I need leadership help," Kalanick said in an apology he issued shortly after.
  4. Susan Fowler Rigetti, the former Uber engineer who wrote of discrimination, said she's hired attorneys after a new law firm began to investigate her claims. Uber confirmed it has hired Perkins Coie, which reports to former A.G. Eric Holder, who's leading the investigation.
  5. Uber said on Thursday that it will finally apply for a DMV permit to test self-driving cars in California after its cars' registrations were revoked in December because it refused to get the permit.
  6. Charlie Miller, one of the two famous car hackers who joined Uber's Advanced Technology Center in August 2015, announced he's leaving the company.
  7. The New York Times uncovered a secret Uber program called Greyball, through which the company uses software and data to evade law enforcement in cities.
  8. Keala Lusk, a former Uber engineer, published a blog post detailing how her female manager mistreated her, signaling that the company's problematic culture isn't limited to the men who work there.
  9. Ed Baker, Uber's head of product and growth, resigned. Though the reason is unclear, he was allegedly seen kissing another employee three years ago, which was anonymously communicated to board member Arianna Huffington, according to Recode.
  10. A report outlines a trip by a group of Uber employees to a Seoul karaoke-escort bar in 2014, which included company CEO Travis Kalanick and his girlfriend, Gabi Holzwarth. After arriving, several male employees picked escorts to sit with, and went to sing karaoke. Uncomfortable, a female marketing manager, who was part of the group, left after a couple of minutes, while Holzwarth and Kalanick left after an hour.
  11. California regulators have recommended that Uber be fined $1.13 million for failing to investigate and/or suspend drivers who are reported by a passenger to be intoxicated. The state requires ride-hailing companies to have a zero-tolerance policy for driving under the influence of alcohol or drugs.
  12. A new report says Uber used a secret program dubbed "Hell' to track Lyft drivers to see if they were driving for both ride-hailing services and otherwise stifle competition. Only a small group of Uber employees, including CEO Travis Kalanick, knew about the program, according to a story in The Information, which was based on an anonymous source who was not authorized to speak publicly.
  13. Waymo sued Uber in civil court, claiming that Uber was using trade secrets stolen from Google to develop Uber’s self-driving vehicles.
  14. Uber fires Anthony Levandowski, a star engineer brought in to lead the company’s self-driving automobile efforts who was accused of stealing trade secrets when he left a job at Google.
  15. Uber said Tuesday that it had made a mistake in the way it calculated its commissions, at a cost of tens of millions of dollars to its New York drivers, and the company vowed to correct the practice and make the drivers whole for the lost earnings.
  16. Uber fires over 20 staff following the release of a report about sexual harrassment in the workplace.
  17. Reports emerge that Uber CEO Travis Kalanick fired off a bizarre email in 2013 to hundreds of employees where he listed the conditions under which they could have sex with each other at a company outing in Miami
  18. Uber’s chief business officer, Emil Michael, resigned from the company.
  19. Holder report released, CEO Kalanick temporarily takes leave of absence.

This list is by no means comprehensive, but appears to be enough straws to break the unicorn's back, as CNBC reports, there's an imbalance in the market for private sales of Uber as insiders look to cash out.

"The demand side has dried up relative to the sell side," said Larry Albukerk, managing director of EB Exchange, a San Francisco broker that has arranged private sales of tech-company shares since 1999. "We're getting calls all the time from people who want to sell" at least part of their Uber stake, said Albukerk.

 

Uber employees have long faced tighter restrictions on share sales compared to workers at other tech start-ups. Arranging private share sales for Uber insiders has been notoriously difficult, said Albukerk, because CEO Travis Kalanick has kept a tight grip on transactions.

 

Another secondary market broker, who asked not to be named so as not to endanger his relationship with clients, said Uber has a "lockdown" on private sales.

Some have suggested that loosening restrictions at Uber could boost employee morale and make the company more attractive to prospective talent.

However, doing so now could cause a rush to sell by early employees and investors, who so far have been unable to realize any gains, and exacerbate the already dismal optics of the company.