Uber CEO Says Goodbye, ByteDance Rejects Rumors, Biggest Flops | Benefit Daily

Uber CEO Says Goodbye, ByteDance Rejects Rumors, Biggest Flops and Fails of the Decade

Check what's going on in the field of business and tech while you're celebrating Christmas

Uber founder and former CEO Travis Kalanick leaves board. The company announced that he would be stepping down from his position on the board of directors and has sold all of his stock options, estimated to be worth at least $2.5 billion.

Steven Hill, a journalist and the author of “Raw Deal: How the ‘Uber Economy’ and Runaway Capitalism Are Screwing American Workers,” told Digital Trends that Kalanick’s resignation, may “reflect his realization that this money losing company has no future”. “Uber is losing billions of dollars because it is subsidizing at least 50% of every ride. In the ultimate irony, the more people use Uber, the more money it loses. At some point Uber will have to either double its prices and lose customers or go out of business. It looks like Kalanick is betting that it will be the former,” Hill stated.

ByteDance rejected rumors that it is considering selling off stake in video app TikTok after Bloomberg reported yesterday that the tech giant was thinking about a sale. A ByteDance spokesperson told Business Insider in an email "There have been no discussions about any partial or full sale of TikTok. These rumors are completely without merit."

In case you forgot, ByteDance is the highest-valued privately-held company in the world, worth an estimated $75 billion, and has been called "China's Facebook" for its size and ownership of popular social networking apps.

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Merry Christmas!