Uber’s board held a “marathon meeting” last week, Bloomberg reported, as the company grapples with its ties to Saudi Arabia in the wake of Washington Post journalist Jamal Khashoggi’s murder.
The Kingdom now reportedly owns more than 10% of the ride-hailing firm, which is eyeing an IPO as valuable as $120 billion next year.
Uber CEO Dara Khosrowshahi was one of the first to pull out of Saudi Arabia’s Future Investment conference in October after the murder of Washington Post journalist Jamal Khashoggi, but behind the scenes, his board has been working in overdrive to ensure the international debacle doesn’t once again embroil the company in a wave of bad press.
The company’s board held a “marathon meeting” last week, Bloomberg News reported, with all directors in attendance, including former CEO Travis Kalanick and Saudi official Othman Al-Rumayyan, who manages the Kingdom’s Public Investment Fund.
Saudi Arabia, through “direct and indirect holdings” now owns more than 10% of Uber, Bloomberg also reported. That’s double the 5% stake Uber said the Kingdom had purchased in 2016 for $3.5 billion, and could cause a headache for Uber as it races towards an IPO as …read more
Source:: Businessinsider – Technology