gurley is being replaced by matt kohler. he could be helpful in the topic for kalanick's replacement. sheryl sandberg, the current ceo of facebook. she's reportedly taking her name out of the running with direct your theory on the huffington. others include ford ceo alan mullally. susan majewski courtesy of youtube ursa minor. former ceo of yahoo!. fox businesses charlie gasparino spoke with one of the chief capital investors who see big prospects for the future of the ridesharing company. the line is out the door of world-class candidates. talking someone who could make $1 billion when an ipo with the valuation of 70 billion, there has been recent speculation as to whether cooper will follow snap sleep in public trading. lauren: that's a good point pakistan to make so much money when they get the ipo of ground that they need to fix their culture. they are losing market share. >> they are. lyft has managed to stay out of the drama and lift market share risen to 24.7% up from 21.2%. closing in terms of download. it is at a re

he's on the board, and what he extracted in return for resigning as ceo is to remove bill gurley from the board, if reports are correct. he is still actively involved in finding that new ceo. he's the shareholder, i believe, that has the most control. i don't think the uber story is over. emily: the founder and ceo, he will have you back to talk about your company, i promise. thank you for joining us. coming up, just in the last hour, spacex successfully fired a falcon 9 rocket for the eighth time this year. we dig into the state of elon musk's space ambitions, next. this is bloomberg. ♪ alisa: i'm alisa parenti in washington. you're watching "bloomberg technology." is your bloomberg first word news. it back to a and's in the wake of the grenville tower fire. being emptied after firefighters said they could not guarantee the safety of residents. in the meantime, theresa may says her thoughts are with the public housing residents being evacuated. she tweeted her support to emergency services to continue public.uard the earlier, the british prime minister spoke in brussels, calling th

gurley served as a board member. he'll be replaced by a colleague from his investment firm that's the latest on what's happening at uber. >> we keep saying travis kalanick is out, he's on the board still and owns a major stake of the voting rights of that company you can see -- you can think maybe the boardroom would have been complicated if gurley stayed on. >> all the postmortems, i have not delved into it i'm interested i've taken an uber the other day i think we gave -- i wasn't there, but we gave the guy a bat rad rating i think they responded >> you mean the family gave a bad rating >> picked the family up. only so much time to make a train. the guy says i have to stop for gas. we canhave to get a train, you can't stop for gas he said then we'll get stuck on the highway, everyone will run into us and we'll die in a flaming wreck. it's not a good situation. so they're on the edge of their seat -- went on fumes, it said 20 miles left. so there are things. i all thought that about uber, anybody can be an uber driv

he's on the board, and what he extracted in return for to removeas ceo is bill gurley from the board, if reports are correct. he is still actively involved in finding that new ceo. he's the shareholder, i believe, that has the most control. i don't think the uber story is over. the founder and ceo, he will have you back to talk about your company, i promise. thank you for joining us. coming up, just in the last hour, spacex successfully fired a falcon 9 rocket for the eighth time this year. we dig into the state of elon musk's space ambitions, next. this is bloomberg. ♪ >> you are watching "bloomberg technology." here are your first word news. 800 households will be evacuated from a council estate in north london in the wake of the tower fire appeared officials say it is to allow a urgent fire safety work to take a spirit -- take place. firefighters said they could not guarantee resident safety. meantime, theresa may says her thoughts are with residents being evacuated. she tweeted her support to emergency services to continue to safeguard the public. earlier, the british feynman mi

bill gurley and some other major thistors in uber led campaign to tell travis that he needed to step aside. that looks to be what finally convinced him to leave the position as ceo. caroline: as an investor, this is something you agree with? why did it come down to the investors and not the board? >> the investor base represents a large voting interest at the company, and, so, that's an important source of control and influence on the business. it's important to recognize that travis kalanick also resigned, sort of prompted by this, but he made the determination that this was the right thing for the company. he didn't have to resign. let's not discount the role of travis in making that decision for himself, yes, prompted by the investors, but he absolutely had a hand in it as well. caroline: did he explained to us intentionally why the board -- can you explain to us why the board hadn't taken prior action? were their hands tied? did it have to do with travis' voting share? eric: travis had a lot of control over the company, coupled with his cofounder and an early employee, early ceo

got these gurley investors on board, correct? eric: yes, the letter is what got travis out. emily: what was it that convinced them this was the right decision, after all these years? eric: there is so much. this indian rape case troubled a lot of people. the handling of waymo came up and it. there are legal issues at play, too. uber just hired a law firm to defend itself in the civil case and investigate what happened in the indian rape and the handling of the woman's medical records. that was a very troubling allegation. so many of them for so long may have pushed it over the edge. emily: another big issue according to my sources, was that travis kalanick scuttled any potential plans to bring in new talent. he would intimidate coo candidates in interviews and they would walk away saying, i can't. i can't work here. eric: he wanted to be the central hub of the company. of finance was very effective, but was not very senior. travis resisted bringing in a serious cfo. similarly, concerns about the coo that he was supposed to and whether he would get high-caliber talent that wo

and i think bill gurley who is a benchmark investor, he was on the board, he didn't get his way last week but got it this week. >> kara, is this just one incident, or are they going to rethink the decade-long founder-control move it worked for facebook and google you can argue whether it worked for snap but it did not work for uber are we going to see investors push back on founders of pop start-ups wanting control? or is this just an uber thing? >> well, john, they want to make more money there's not enough money in the world for these people that's fine, that's capitalism like that. but sometimes it works like mark zuckerberg is a good man and he, you know, he had a lot of good executives around him. in the case of uber, there wasn't enough control or training for kalanick. he is much older than zuckerberg and they never put into place the systems that were necessary that led to the sexual harassment of retaliatory behavior of the sketchy moves to stop regulators from checking what they were doing and so, you know, i think it's been an unusual case just taken so far down the road y

gurley posted this tweet there are many pages in the history books devoted to travis k. few have had such lasting impact in the world bob lutz, ride sharing or if you want to call it gig economy, on demand rides have been a big part of what is rolling the auto industry what is the impact of this resignation of the drama on the board of uber? >> look, nobody questions the fact that ride sharing is the future of the automobile business and the car companies are going to have to find a way to capture value down stream by owning part of the ride sharing experience because 20 years from now these fully autonomous modules with no controls will be standardized, normed and basically brands will disappear. having said about the heat, it happens very frequently that founders of the companies once the company reaches a certain size are no longer capable of running it this is a typical case of silicon valley start-up, high-tech young people and they were treating running of the corporation like a frat party. you can do that as long as the company is small but once it gets big, you h

bill gurley was the first uber investor and reportedly wanted kalanick to step down, tweeting very few entrepreneurs have had such a lasting impact on the world. some riders were quick to react. >> i'm glad to see they're taking action amid allegations of sexual harassment. the it's very concerning to me. >> it's been a rough year for the company vowing that nearly $70 billion with a reported 40 million riders a month in 80 countries. one study says uber's u.s. market share has dropped from 84 p% at the beginning of the year to 77% at the epd of may. in ebb thfe, it was hit with a scorching blog post by susan fowler, who alleged sexual harassment and a culture of gender discrimination at the company, sparking a flood of complaint and an independent internal investigation by eric holder. then a nasty legal fight over whether anthony, a head of google's self-driving car unit stole trade secrets when he left for uber. then two weeks ago, the company fire 20 employees amid the holder investigation. and last week, kalanick took a leave of absence. since the company's problems started, there

betty: uber director bill gurley is set to step down from the board as well. ofwill be replaced by one benchmark's big investors, behind some of the changes we have seen. kalanik ultimately resigning from the company. yvonne: staying on the board, but at a diminished role. we have more on bloomberg for the shakeup on the board. to forget our exclusive interviews later on. the thailand stock exchange president will join us at 8:30 hong kong time, 10:30 if you are watching out of sydney. betty: you can get a roundup of the stories you need to know to get your day going. bloomberg subscribers go to dayb , and you can customize your settings so you get the news on the industries that you care about. this is bloomberg. ♪ yvonne: this is "bloomgberg daybreak: asia" live from hong kong. betty: boeing beat airbus in an air show for the first time in five years. it won orders and interest for about 370 planes worth up to $2 billion. airbus managed to hundred 29 planes. -- 229 planes. asian investors were particularly attracted. toyota is having to play record inc

. >> now, uber board member, gill gurley one investor who spearheaded his removal tweeted. there will be many pages in the history books to devoted to him. very few entrepreneurs had sus a lasting impact on the world. >> there will be a memorial today in ohio for, otto rm north korea brought back to the united states in a coma. he died monday. president trump is considering banning u.s. citizens from traveling to north korea, and warmbier's death has hey lot of people asking, why would you go there anyway. ben tracy was in north korea in a rim. and has the story now from beijing. >> the tour group that took otto warmbier to north korea based here in china. after his death they're no longer going to take americans there it is too risky. we talked to another tour group that says they may do the same. before his arrest, olto warmbier seemed to be having a good time in north korea. newly released pictures show him smiling with his tour group, posing in front of statues of the country's leaders, and sampling north korean food. but then as he tried to leave the country, warmbier

bill gurley of benchmark capital tweeting there won't be many pages in the travis kalanick, very few entrepreneurs had a lasting impact on the world. gurley was reportedly one of the major investors that demanded that kalanick resign joining us is a partner from lead edge capital, the firm invested in uber at a $40 billion valuation. brian, thank you for joining us. >> sure. >> was this the only path forward for uber in your view? >> no. look, the board has an obligation to serve all stakeholders to serve as checks and balances to make sure the company is run properly you have a board here incredibly experienced who made the determination that the right thing to do to move forwardis have new leadership. that's fine. there's no problem with that i think in our mind we just have to trust them as shareholders to identify is this the right thing to do. i don't knows there a one correct answer and time will tell but in our opinion it is just a matter of the board serving the interest of all stakeholders including the share holders and those minority interested shareholders, and properly d

go, and one of the bigger shareholders, venture capital benchmark which has one of its partners bill gurley on hoover's board. they may demand to step down in a letter delivered to end all in chicago. in a statement given to "the new york times," kalanick said i love goober more than anything in the world. at this difficult moment in my personalized and accepted the investors are priced to go back to building rather than be hit with another fight. responding with a statement that has always put a bold decision in his devotion and love for uber. he's taken the time to heal from his personal tragedy while giving room to fully embrace the chapter in history. we look forward to continuing to have them on the board. troubles began earlier this year after a farmer sexual-harassment the company leading to more complaints than internal investigation. uber recently fired 20 employees after an investigation into the culture enough to make major changes in the work place starting with management. the personal tragedy, his mother passed away in a boating accident. lauren: that is true. i company operat

gurley. he's the guy who had a lot to do with getting rid of travis kalanick. that's kalanick right there-- no, i'm sorry. that's not. they're talking about a possible successor at the top of uber. one name mentioned is chershery sandbe sandberg. what do you say about that, that would surely revitalize the business? >> it would. i think being female is big in the connotations that it has around it. would she want the job? this is a herculean task to ask anybody to take offer the reins. what's the compensation incentive. in silicon valley, what you get, you get salary, but you get stock. to me the valuation of this company at what, $70 billion is way too high. if they compensate her with a bunch of stock which in my opinion is going down in value with all the of these controversies and market share they're losing to competitors. i'm not sure it's a good deal for anyone. stuart: do you think that uber can be saved from itself? >> sure, i can. i think you're going to have some problems, especial

bill gurley now leaving the board. >>> big swings in crude prices ma prices fluctuating. prices are on the move in early trading. >>> and george clooney cashing in on his tequila brand casamigos. selling it to diageo for up to 1 $1 billion it's not clear what his stake is we'll let you know it's thursday, june 22, 2017, "squawk box" begins now. ♪ >>> live from new york where business never sleeps, this is "squawk box. >>> good morning welcome to "squawk box" on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen andrew is off today. our guest host is richard turnow great to see you >> great to be here. >> we have a big lineup today. not only richard here, at 7 c:0, we have rand stephenson, then we have steve schwarzman, steny hoyer and at 8:30, kevin brady u.s. equit

understand, you know, ub he uber has some high level executives, the likes of arianna huffington, bill gurley who came out this morning in support of kalanick saying he will be in the history books as a great entrepreneur that board will lead the search now. we've seen a lot of high-level departures from uber already, but also other silicon tech companies, twitter as an example. there does not seem to be a clear front-runner at the moment hopefully we will hear more noises around that over the next few days >> arjun thank you very much for that report from london. the other question that people are wondering, does this alter the potential ability to ipo if and when they want to. if that happens, one would think they would not be able to deliver the same restriction shareholder activity >> if it will be an inflection point in the way tech founders maintain control over their companies or is uber an exception? it's been a stunning fall from grace. >> stunning fall from grace, but privately listed, so we don't know but on the surface has not affected the valuation would have been great if we cou

bill gurley and some other major investors in uber sort of lead this campaign to tell travis that he needed to step aside, and that looks to be what finally convinced him to leave his position as ceo. caroline: as an investor, this is something you agree with, is it? and why did it come down to the investor base and not the board? nimay: i think the investor base represents a large voting interest of the company. and so that is an important source of control and influence of the business. i think it is important to recognize that travis kalanick also resigned sort of prompted by this, but he made the determination that this is the best for the company. he did not have to resign. so, let's not discount the role of travis making that decision for himself. yes, prompted by the investors, but he absolutely had a hand in it as well. caroline: eric, can you explain to us potentially why the board had not taken such action prior to this? were their hands tied? was it to do with travis' own voting share? eric: well, travis has a lot of control over the company, especially when coupled with h

and bill gurley, the steward on the board, so instrumental in a lot of their recruiting and in the process, they got rid of travis, also stepped off. it is the mind blowing week in the world. they: you had a preview of game of thrones maneuvering. they delivered this in the mail -- this letter asking for his resignation. tell us more about what happened. only: what he could not do the board, get the board to ousted travis, he got a coalition of investors including fidelity, five investors altogether and had his partners hand-deliver this letter to travis and, your investors have turned against you. you need to resign. we have this rape case and there are issues. you put the company at risk. you need to step aside. emily: we know they had another or meeting yesterday. what is the latest? where are they now? emily: in the scheme of uber dramatic board meetings, not the top of the list. that matt kohler from benchmark, they are now on the board and they are beginning the search progress to find a ceo to replace travis. they are moving that forward. emily: it does not seem like anyone is waiti

one thing i'll mention that gurley firm will keep a director on the board of directors. not uncommon to have gotten what he wants and step aside. this company will go through a completely new chapter. not only does it have to find a new ceo, a new coo, cmo, cfo. they've got a lot of positions to fill t. chatter. its not a public company. so it's hard for us to track it without a stock price t. chatter is the valuation has gone down t. exceptor list is making inroads with market share and raising money off uber's problems. i want to bring you some good news, especially if you got a roadtrip coming up this summer, gas prices are going down fast. in fact, the national average is now $2.28 a gallon. that's less than the start of the month. it's the lowest of the start of sumner years. it's coming off the back of falling oil prices in the market. oil is back down to the low $42 a beryl range. there is just a lot of oil on the market. the u.s. is ramping up production. even tow saudi arabia and middle eastern players are cutting. there is a absolute of oil keeping prices low,

. >> reporter: uber board member bill gurley, who spearheaded kalanick's removal, tweeted "there will be ma many pages in the history books devoted to travis kalanick. very few entrepreneurs have had such a lasting impact on the world." >> thank you very much. >>> georgia voters are setting the state's first republican woman to congress after a closely watched special election. karen handel received nearly 52% of the vote, defeating jon ossoff by almost 3%. president trump tweeted his congratulations for her big win. mark is there for us. >> reporter: karen handel won this special election comfortably in what was the most expensive house race in history. both side spent more than $56 million, but the seat of this affluent, educated district will stay republican. >> a special thanks to the president of the united states pof america. >> reporter: karen handel celebrated her new job by thanking president trump tuesday night. but it's the president who may be the night's biggest winner. on twitter he took a victory lap for "those that want to make america great again." >> my promise is si

was it a, bill gurley, b, john zimmer or c, garrett camp. >> c >> yes talking a lot about the founder of this company. and john zimmer, he's the lyft guy. lyft taking market share from uber today, s&p releaseded number frs buy backs in the first quarter which you flagged. how much were buy backs down year on year 84.9%? 12.3%, c, 17.5%. >> a >> no. >> year over year. it was not down that much? >> i think the it was 17.5%. now, there was still an increase, but it was smaller did i bring, notes are up there. >> we're going to go to the judges on this >> raight, there's a vertically folded piece of paper and a follow up question which company, thank you very much, spent the most on buybacks in the first quarter bonus. >> multiple choices. >> single company spent the most on buy backs apple. >> yes correct. i think we're going to give you credit yay, clap, clap, clap. $7.2 billion here's the press release stock buybacks totalled $133 billion for q1 this is a 17.5% decrease from $161.4 billion from howard silverblack's lips it's the first day of summer and many people are planning their su

first up, travis kalanick is out as ceo of uber bill gurley this morning, big investor in uber said books will be written about kalanick's entrepreneurship and few have changed industries the way he has. >> yeah. adam lashinski wrote a fantastic book "fortune writer" that came out four weeks ago about kalanick had he to break billions of eggs to make a couple of really fabulous omelets it's almost as if i don't want to say his job was done, but i would say that you got in there and it wouldn't be so bad to have a more -- a lesser addict story. personal tragedy you have to weigh this i think obviously the people got an image of what the company was like inside that was a little bit distressing. listen, this guy did it. and i don't think there's enough good being said. i know there's tons bad, but i use it, you use it and it doesn't matter where you are in the world, we all use it >> yeah. >> this didn't exist six years ago. can we give this guy a few minutes of credit because even though -- he had to be who he had to be to get it done is what i'm saying there was an undercurrent in the boo

. >>> welcome back more shake-ups at uber longtime uber venture capitalist bill gurley is stepping down from the board he led the effort to remove travis kalanick. there you can see uber's current board of directors. >> a lot of opportunity there. a lot of opportunity for whoever is going to come in as ceo of that company, don't you think? >>> meantime, american airlines, the kun interest i's largest carrier by fleet size, revenue, profit and passengers is getting what may be an unwanted stake. >> qatar airways has given the indication to american airlines that it plans to buy up to 10% of the company the key thing to keep in mind, they can buy up to 4.15% after that, it will need the approval of the american airlines board if it wants to go up to that 10% threshold keep in mind that foreign companies cannot own more than 24.9% of any u.s. airline, and given the fact that they don't want qatar to be buying shares in the beginning, it's unlikely they will go beyond 4.75%. remember, doug parker, the ceo of american, has been extremely volk a.m. about the persian gulf carriers getting gove

apparently there are some factions that have emerged bill gurley on one side perhaps with david bonderman and then arianna huffington and garrett camp what's been a long time friend of travis' and cofounder of the company on the other >> that's the issue. garrett camp who is chairman and cofounder along with travis, the two of them if they align themselves, they effectively control everything now -- >> how much do they own between those two? >> it's not entirely clear what exactly the proportions are but together they would have controlled all of those. or effectively control the votes. and so therefore, it comes down to a relationship between travis and garrett camp as a chairman if that fractures and we're hearing through sources that it is -- it's being pressured anyway, that relationship, that could push travis out. or at least push him aside long enough that they could change management, change the leadership >> what does that look like? he leaves temporarily. >> right >> they install a temporary ceo? a coo? a president? >> thetemporary ceo i think th most likely candidate if we're g