Matt Levine, Columnist

Uber's Board and the Fiduciary Rule

Also Snap, Blue Apron, email etiquette, gold suspicions, the VIX and tripping unicorns.

August 11, 2017 at 1:34 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Uber!

In June 2016, Travis Kalanick, then the chief executive officer and a major shareholder of Uber Technologies Inc., persuaded the other big shareholders to amend Uber's governing documents to give him the right to appoint three members of the company's board. Then in June 2017, Kalanick was pushed out as CEO, but he exercised his right to appoint himself right back onto the board. This apparently makes for some awkward board meetings, which Benchmark Capital Partners VII, L.P., one of the big shareholders, decided to make much more awkward by suing Kalanick for fraud yesterday in an effort to force him off the board.