Hyperloop to rein in major stakeholders amid charges of nepotism
San Francisco
ACCUSED by one of its founders of nepotism and greed, Hyperloop Technologies Inc, a startup dedicated to fulfilling Elon Musk's dream of high- speed transportation, is taking steps to rein in the power of its major stakeholders.
At a series of all-hands meetings in recent weeks, according to two people familiar with the situation, the company told employees it's changing the rules so that co-founder Shervin Pishevar and board member Joe Lonsdale each will control 20 per cent of voting shares, down from a combined 78 per cent. The two men decided to pare down their voting control to show goodwill towards employees, one of the people said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Technology
Garmin’s Q1 results beat on strong demand for fitness, auto products
Foxconn’s musical chairs sound like punk rock
US sets up board to advise on safe, secure use of AI
Regulate AI? How US, EU and China are going about It
Meta’s results are best viewed through rose-tinted AI glasses
'Harvesting data': Latin American AI startups transform farming