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IPFS News Link • Business/ Commerce

Unicorns Watch In Horror As Uber Careens Towards Extinction Event: A Down Round

• http://www.zerohedge.com

For the average person the daily headlines containing the words "missile" and "nuclear" bring about thoughts of fear and anguish, especially when they pertain to the realization in which this time – it may be different. In other words, the sudden misstep resulting in an actual nuclear incident is far more probable than possible. e.g., N.Korea as the latest example.

However, not withstanding or minimizing any of the above, there is something just as closely being watched and the implications for what many (especially myself) would deem as a possible extinction level event is playing out right here in the U.S. Although, this one does not involve anything pertaining to military.

No, this one is the current nearly unstoppable "chain reaction" type event happening in the once unfathomable business unicorn known as Uber™.

This slow motion train wreck of what was once The unicorn of all unicorns in the current stable seems to be not only imploding – its once argued defense shield worthy of DARPA against any and all criticism seems to not only have been assailed, but appears to be all but destroyed by Uber itself with the latest headline that its head of communications (i.e., PR) Rachel Whetstone has now joined the growing list of high level executives to "dive out the door" of this still moving investment vehicle.

Regardless of the reasons, or innuendos circling about with this latest staff change, one element is undeniable, and it is this:

When a company's head "PR" person quits smack dab in the middle of what can only be recounted as one of the most disastrous yearly beginnings in Uber's short history (i.e., scandals, senior management leaving, CEO melt down caught on video with a driver, and more) and that company just so happens to be the most valuable start-up (e.g. a unicorn said to be worth some $68 BILLION), while also claiming the title of "disruptor of the disrupters", and, is a cash burn machine with no concrete date for IPO? It's the equivalent of a harnessed team of (e.g., all of The Valley's) unicorns running smack dab, and full stride – into a concrete abutment. The resulting carnage will be legend.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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