[Script Info]
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[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.00,0:00:05.35,Default,,0000,0000,0000,,Uber, the ride-hailing app, was valued\Nbetween 60 and 70 billion dollars
Dialogue: 0,0:00:05.35,0:00:07.31,Default,,0000,0000,0000,,at the beginning\Nof 2017
Dialogue: 0,0:00:07.31,0:00:12.04,Default,,0000,0000,0000,,with CEO Travis Kalanick's position\Nat the firm seemingly secure.
Dialogue: 0,0:00:12.07,0:00:14.51,Default,,0000,0000,0000,,Now after reports \Nof sexual harassment
Dialogue: 0,0:00:14.51,0:00:18.16,Default,,0000,0000,0000,,and unethical business\Npractice inside Uber,
Dialogue: 0,0:00:18.16,0:00:20.46,Default,,0000,0000,0000,,Kalanick is out \Nand 10 billion dollars
Dialogue: 0,0:00:20.46,0:00:25.36,Default,,0000,0000,0000,,has been wiped off the value\Nof the privately owned company.
Dialogue: 0,0:00:27.91,0:00:34.00,Default,,0000,0000,0000,,But as start-ups go, Uber is still\Narguably the most successful of all time.
Dialogue: 0,0:00:34.00,0:00:38.72,Default,,0000,0000,0000,,Before 2011, if you wanted a cab,\Nyou did it the old way.
Dialogue: 0,0:00:39.02,0:00:44.15,Default,,0000,0000,0000,,Now for 50 million Uber users\Nin 450 cities around the world,
Dialogue: 0,0:00:44.15,0:00:49.29,Default,,0000,0000,0000,,taxi transportation is determined\Nby GPS and automated payments,
Dialogue: 0,0:00:49.29,0:00:51.36,Default,,0000,0000,0000,,all linked through\Nsmartphones.
Dialogue: 0,0:00:51.36,0:00:55.06,Default,,0000,0000,0000,,So, as the users increased,\Nso did investors.
Dialogue: 0,0:00:55.06,0:00:58.86,Default,,0000,0000,0000,,Jay Z and Jeff Bezos were just \Ntwo of the notable backers
Dialogue: 0,0:00:58.86,0:01:00.47,Default,,0000,0000,0000,,who poured \Nmoney into Uber,
Dialogue: 0,0:01:00.47,0:01:04.63,Default,,0000,0000,0000,,helping it grow and further\Ndisrupt the taxi industry.
Dialogue: 0,0:01:04.63,0:01:06.92,Default,,0000,0000,0000,,It wasn't all smooth\Nsailing through.
Dialogue: 0,0:01:06.92,0:01:11.79,Default,,0000,0000,0000,,Uber's expensive push into China\Ncame to an abrupt end in 2016,
Dialogue: 0,0:01:11.79,0:01:16.72,Default,,0000,0000,0000,,when its domestic rival Didi Chuxing\Nannounced it had acquired Uber China.
Dialogue: 0,0:01:16.72,0:01:19.66,Default,,0000,0000,0000,,And more recently, \NUber merged with Yandex,
Dialogue: 0,0:01:19.66,0:01:23.93,Default,,0000,0000,0000,,marking its exit from another \Nmajor international market, Russia.
Dialogue: 0,0:01:23.93,0:01:26.45,Default,,0000,0000,0000,,Governments, drivers\Nand passengers launched
Dialogue: 0,0:01:26.45,0:01:28.84,Default,,0000,0000,0000,,a seemingly endless\Nstream of lawsuits,
Dialogue: 0,0:01:28.84,0:01:33.02,Default,,0000,0000,0000,,and taxi firms organized protests\Nin Europe and South America
Dialogue: 0,0:01:33.05,0:01:36.14,Default,,0000,0000,0000,,as they recognized \Ntheir businesses were under threat.
Dialogue: 0,0:01:36.14,0:01:40.12,Default,,0000,0000,0000,,Uber's legal and ethical conduct\Nwas put under further scrutiny
Dialogue: 0,0:01:40.12,0:01:42.81,Default,,0000,0000,0000,,when their drivers argued\Nthey were being exploited
Dialogue: 0,0:01:42.81,0:01:44.99,Default,,0000,0000,0000,,as part of the sharing\Neconomy.
Dialogue: 0,0:01:45.00,0:01:49.88,Default,,0000,0000,0000,,Despite this, Uber continued to \Ntransform itself from a black-car service
Dialogue: 0,0:01:49.88,0:01:56.53,Default,,0000,0000,0000,,into an extensive logistics company driving\Ntowards a future of autonomous vehicles.
Dialogue: 0,0:01:56.96,0:02:01.92,Default,,0000,0000,0000,,2017 however, has put the brakes\Non Uber's and Kalanick's rise.
Dialogue: 0,0:02:01.92,0:02:05.52,Default,,0000,0000,0000,,Real trouble began in January, \Nwhen an online campaign,
Dialogue: 0,0:02:05.52,0:02:08.42,Default,,0000,0000,0000,,protesting the company's\Nconnection to President Trump,
Dialogue: 0,0:02:08.42,0:02:12.66,Default,,0000,0000,0000,,lost them 200,000 customers\Nin just one weekend.
Dialogue: 0,0:02:12.66,0:02:16.52,Default,,0000,0000,0000,,Uber's reputation took\Na bigger hit a month later
Dialogue: 0,0:02:16.52,0:02:18.09,Default,,0000,0000,0000,,when it was forced \Nto launch an investigation
Dialogue: 0,0:02:18.09,0:02:19.84,Default,,0000,0000,0000,,into sexual \Nharassment
Dialogue: 0,0:02:19.84,0:02:22.22,Default,,0000,0000,0000,,and gender bias \Nwithin the company.
Dialogue: 0,0:02:22.22,0:02:24.50,Default,,0000,0000,0000,,215 complaints\Nwere registered
Dialogue: 0,0:02:24.50,0:02:26.02,Default,,0000,0000,0000,,by the beginning \Nof June
Dialogue: 0,0:02:26.02,0:02:29.08,Default,,0000,0000,0000,,and 20 employees \Nwere fired as a result.
Dialogue: 0,0:02:29.08,0:02:32.20,Default,,0000,0000,0000,,But that investigation, \Nat least, was internal.
Dialogue: 0,0:02:32.20,0:02:35.32,Default,,0000,0000,0000,,Waymo, a rival in\Nautonomous car development,
Dialogue: 0,0:02:35.32,0:02:38.33,Default,,0000,0000,0000,,is suing Uber for \Nintellectual property theft.
Dialogue: 0,0:02:38.33,0:02:42.31,Default,,0000,0000,0000,,At the same time, the company\Nfaces a criminal investigation
Dialogue: 0,0:02:42.31,0:02:44.56,Default,,0000,0000,0000,,into its use of \Nthe tool “Greyball,”
Dialogue: 0,0:02:44.56,0:02:48.70,Default,,0000,0000,0000,,which was reportedly used to evade\Nauthorities and city regulations.
Dialogue: 0,0:02:48.70,0:02:53.07,Default,,0000,0000,0000,,By June, 12 high-level Uber\Nexecs had left the company.
Dialogue: 0,0:02:53.07,0:02:56.92,Default,,0000,0000,0000,,For Kalanick, viral dashcam\Nfootage of a heated dispute
Dialogue: 0,0:02:56.92,0:02:59.94,Default,,0000,0000,0000,,with a company driver and\Nthe leak of his now-infamous
Dialogue: 0,0:02:59.94,0:03:03.80,Default,,0000,0000,0000,,‘Miami Letter' in which he issued\Nsex guidelines to employees
Dialogue: 0,0:03:03.80,0:03:06.96,Default,,0000,0000,0000,,attending a company \Nparty in 2013
Dialogue: 0,0:03:06.96,0:03:10.54,Default,,0000,0000,0000,,resulted in him taking \Na temporary leave of absence.
Dialogue: 0,0:03:10.54,0:03:16.61,Default,,0000,0000,0000,,But seven days later that temporary\Nleave turned into a permanent resignation.
Dialogue: 0,0:03:16.84,0:03:19.03,Default,,0000,0000,0000,,So what was \Nthe final straw?
Dialogue: 0,0:03:19.03,0:03:20.33,Default,,0000,0000,0000,,Another lawsuit.
Dialogue: 0,0:03:20.33,0:03:22.78,Default,,0000,0000,0000,,It was filed on behalf\Nof a woman in India
Dialogue: 0,0:03:22.79,0:03:25.70,Default,,0000,0000,0000,,who was sexually assaulted\Nby her Uber driver.
Dialogue: 0,0:03:25.70,0:03:27.08,Default,,0000,0000,0000,,Despite\Nthe guilty verdict,
Dialogue: 0,0:03:27.08,0:03:31.19,Default,,0000,0000,0000,,Kalanick and his team allegedly dug\Ninto her private medical records
Dialogue: 0,0:03:31.19,0:03:33.97,Default,,0000,0000,0000,,in an effort\Nto discredit her.
Dialogue: 0,0:03:34.53,0:03:37.19,Default,,0000,0000,0000,,This was the final\Nnail in the coffin.
Dialogue: 0,0:03:37.19,0:03:40.91,Default,,0000,0000,0000,,Days later, five powerful\NSilicon Valley investors
Dialogue: 0,0:03:40.91,0:03:43.78,Default,,0000,0000,0000,,penned a letter demanding\NKalanick's resignation.
Dialogue: 0,0:03:43.78,0:03:48.03,Default,,0000,0000,0000,,Uber now has a number of\Nhigh-ranking positions it needs to fill.
Dialogue: 0,0:03:48.03,0:03:52.87,Default,,0000,0000,0000,,In addition to a new CEO,\Nit also needs a Chief Operating Officer,
Dialogue: 0,0:03:52.87,0:03:55.72,Default,,0000,0000,0000,,General Counsel, Senior Vice President\Nof Engineering,
Dialogue: 0,0:03:55.72,0:03:59.24,Default,,0000,0000,0000,,Chief Marketing Officer\Nand board Chair.
Dialogue: 0,0:03:59.24,0:04:01.00,Default,,0000,0000,0000,,And Uber needs\Nto act quickly too.
Dialogue: 0,0:04:01.01,0:04:07.24,Default,,0000,0000,0000,,In the first financial quarter this year\Nthe company lost 700 million dollars.
Dialogue: 0,0:04:07.24,0:04:12.46,Default,,0000,0000,0000,,The polarizing figure of Kalanick now\Njoins a select group of former CEOs,
Dialogue: 0,0:04:12.46,0:04:16.53,Default,,0000,0000,0000,,including Steve Jobs and Jack Dorsey, \Nwho founded their own companies
Dialogue: 0,0:04:16.53,0:04:19.46,Default,,0000,0000,0000,,to then be \Nunceremoniously ousted.
Dialogue: 0,0:04:19.46,0:04:26.11,Default,,0000,0000,0000,,But Kalanick will remain on the Uber\Nboard of directors and still has veto power.
Dialogue: 0,0:04:26.83,0:04:29.80,Default,,0000,0000,0000,,Many believe that as long as he has\None hand on the steering wheel,
Dialogue: 0,0:04:29.80,0:04:33.63,Default,,0000,0000,0000,,a return to the driver's\Nseat is still possible.