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Good Friday Morning,
Daylight – The big news this morning is Travis Kalanick, co-founder and former CEO of Uber, was sued by Benchmark Capital for fraud, breach of contract and breach of fiduciary duty. Benchmark lead Uber’s Series A and owns 13 percent of the company. In short, they are trying to kick Kalanick off the board. It’s not totally unprecedented for a VC to sue a founder, but this is different. Uber is the largest private VC backed company in America, and this is a lawsuit that will have huge impacts on the world of VC, tech, start-ups, finance, private equity and even nations (the Saudi Sovereign Wealth Fund is a big investor in Uber). If you’re keeping score at home, Uber still has no CEO, CFO, COO, is losing $3 billion a year, has a gender culture crisis and is facing a giant autonomous unit lawsuit from Google…