UBER INVESTORS CRITICIZE SUIT
Three Uber investors said a lawsuit against co-founder Travis Kalanick was designed to “hold the company hostage” and asked Benchmark, the venture capital firm that brought the suit, to step down from the board.
The investors sent a letter Friday addressed to Benchmark, saying they opposed the suit, according to a copy reviewed by Bloomberg. The investors are Sherpa Capital’s Shervin Pishevar, Yucaipa Companies’ Ron Burkle and Maverick’s Adam Leber. They don’t hold seats on the board or a majority of the company’s stock, but the letter said they’re seeking other shareholders to add their signatures. Google cancels tow nh all. PALO ALTO, CALIF.» Google CEO Sundar Pichai has canceled a Thursday internal town hall meant to address gender discrimination after employee questions for management began to leak online.
Pichai said in an email to staff that several Google employees became fearful for their safety and grew concerned about being outed for speaking up at the town hall.
Billionaire apologizes for KKK comment. N.Y.» A billionaire ALBANY, hedge fund manager has apologized for an online post saying that a black New York state senator has “done more damage to people of color than anyone who has ever donned a hood” because of her support for teachers unions. Daniel Loeb issued a statement saying he regrets the language he used in the Facebook post about Senate Minority Leader Andrea Stewart-Cousins, a Yonkers Democrat. The post was an apparent reference to the white headgear of the Ku Klux Klan. It was deleted late Thursday.
Mall o f Am eric atu rns 25.
» The biggest mall in the MINNEAPOLIS United States is celebrating its 25th anniversary with cupcakes and party hats. The 5.6 million square foot Mall of America has more than 520 stores and 11,000 employees, generates $2 billion in economic activity and has more than 40 million visitors a year.
Penney’s sales down. Sales at established J.C. Penney stores faded again during its most recent quarter, capping a gloomy week for U.S. retailers. Penney’s stock sunk below $4 Friday morning.
U.S .r igs drop. HOUSTON» The number of rigs exploring for oil and natural gas in the U.S. decreased by five this week to 949. A year ago, just 481 rigs were active. Houston oilfield services company Baker Hughes said Friday Colorado’s rig count was unchanged.