One of the most unusual things about the dramatic shakeup at Uber is that it all happened pre-IPO.
Sending the co-founder/CEO packing when the downside to his immaturity finally eclipses the upside to his brilliance? Calling in a former attorney general of the United States to investigate the corporate culture, and disclosing the report with his recommendations for reform? Apologizing to customers (subject line: Our path forward ) and promising to become “the company you deserve”?
Usually you have to wait for the shares to be listed before you can see a company as big as Uber go through these kinds of machinations .
It speaks to multiple trends, starting with the new desire for corporate entities to demonstrate human empathy, and the self-flagellation that is now de rigueur when they don’t. But it also reflects alterations to the timeline of Silicon Valley unicorns, for which an IPO no longer needs to be a foregone conclusion . There are alternatives now, made easier by huge growth in the private-equity industry (which managed a record $2.5 trillion in assets as of June 2016, according to figures from Preqin ) and by secondary markets where antsy employees can try to cash out their […]