Yeah, This is Senior Investors Plotting an Exit Strategy

Uber's Board of Directors just made major changes in their structure to lock out Kalanick and to go IPO as quickly as possible:

Uber’s board of directors voted on Tuesday for governance changes that will reshape the balance of power at the ride-hailing service, paving the way for a stock sale to the Japanese conglomerate SoftBank and for the company to go public by 2019.

The 11-member board met for less than four hours to approve some of the terms from a proposal put forward last week by Dara Khosrowshahi, Uber’s new chief executive, and Goldman Sachs, the investment bank that is an investor in the privately held company.

As a result, the clout of certain Uber shareholders — including, most significantly, its former chief executive, Travis Kalanick, who is a board member — will be reduced, according to people briefed on the deliberations, who asked to remain anonymous because the conversations were confidential. Other proposed measures, including one that would have posed hurdles to Mr. Kalanick’s returning as chief executive, were dropped before the meeting.

Still, the board approved enough changes for Uber to move forward on an investment from SoftBank. SoftBank has held discussions to buy a significant chunk of Uber’s stock, but the deal was contingent on changing the company’s governance structure so that some of its early investors would have an incentive to sell. In addition, directors approved a resolution for Uber to go public by 2019, the people briefed on the meeting said, setting up what could be one of the largest technology stock offerings in years.

These are a group of people looking to find some rubes so that they can cash out.

You have been warned.