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IPFS News Link • Business/ Commerce

"This Is A Cash-Burning Machine" - Uber Opens Up Its Books, Shows Staggering Losses

• http://www.zerohedge.com, by Tyler Durden

Amid a sudden and seemingly endless stream of public relations disasters (senior execs leaving, sexual harrassment scandals, uncomfortable video clips, self-driving car fiascos, secret software programs, and mishandled DUIs), Uber opened up its books to Bloomberg, prompting one analyst to exclaim "this is a cash-burniung machine."

The last couple of months have been a constant PR battle for the CEO Travis Kalanick.

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.

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.

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.

Susan Fowler Rigetti, the former Uber engineer who wrote of discriminationsaid 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.

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