Travis Kalanick Uber co-founder resigns from its board

Travis Kalanick Uber co-founder resigns from its board

Travis Kalanick Uber co-founder resigns from its board

Uber founder Travis Kalanick is leaving the company’s board to “focus on his new business and philanthropic endeavors” just weeks after selling off the majority of his stake in the transport app. 

The billionaire, who founded the company in 2009, claimed to be “proud of all that Uber has achieved”.

His pugnacious style turned Uber into the world's largest ride-services company that revolutionised the taxi industry and challenged transportation regulations worldwide.

However, his brashness was also blamed for a string of scandals. He quit as chief executive two years ago after the company came under fire for creating a "frat boy" culture that led to multiple allegations of misconduct under his watch.

Uber also came under greater scrutiny over safety during Mr Kalanick's tenure, as reports emerged of some drivers allegedly assaulting passengers. 

The departure did not come as a surprise. Mr Kalanick recently sold shares worth more than $2.5bn, or some 90pc of his stake. He has now  sold all of his remaining shares in the company.

Uber has suffered heavy losses since its flotation with its market capitalisation sliding from $82bn to $47bn. It was worth about $52bn on Tuesday.