📺 Stream EntrepreneurTV for Free 📺

Uber CEO Travis Kalanick Responds to Critics Who Want IPO Kalanick also announced Arianna Huffington, founder and editor-in-chief of The Huffington Post, is joining Uber's board of directors.

By Matthew J. Belvedere

entrepreneur daily

This story originally appeared on CNBC

Bloomberg | Getty Images
Uber CEO Travis Kalanick

Travis Kalanick, co-founder and CEO of ride-hailing service Uber, said Wednesday he's going to take as long as possible to go public -- responding to critics and stressing he's focused on product and innovation, not liquidity.

"We are 5-and-a-half-years old. And it's a little early in our lifecycle go there," Kalanick told CNBC's Squawk Box, referring to the IPO process. "We'll go there eventually. We have to find liquidity for ... [investors]."

Back in February, Union Square Ventures partner Fred Wilson was critical of Kalanick, saying: "He's wimping out. [Uber] should be a publicly traded company. ... You have a responsibility to give me my money back sometime."

Kalanick told CNBC that Wilson does not have money in Uber. "He passed on the Series B [funding round,] if I remember correctly. That was a $300 million valuation. Just putting that out there."

The Series B closed in January 2012. Since then, Uber's valuation has skyrocketed, currently estimated at about $62 billion.

Listening to the interview, CNBC's Kayla Tausche tweeted out Kalanick's response to Wilson. Moments later, Wilson responded to her tweet, writing Kalanick was "correct" about his passing on Uber.

Also on Wednesday, Kalanick announced Arianna Huffington, founder and editor-in-chief of The Huffington Post, is joining Uber's board of directors.

He told CNBC he's known Huffington for a few years and he felt that they had a connection from the beginning. "We have a simpatico thing on building companies.

In a post on Uber's website, Kalanick wrote:

"For those of us who know Arianna, it's clear she knows a thing or two about being an entrepreneur."

"From the start of our friendship it was obvious that she believes deeply in our mission."

"[Her] ability to tell stories is invaluable for an engineer like me, whose natural tendency is to rely on data."

Huffington, sitting next to Kalanick, told CNBC she was briefed extensively about the company in the lead-up to becoming a board member.

Kalanick walked her through "the big-ball bets for the future, through the controversies, through the cultural values," she said, adding the final meeting to get her on the board was last week.

Matt Belvedere is a veteran journalist at the intersection of where live television news programs and the Internet meet -- developing and managing an online and social media presence for CNBC's flagship morning show, "Squawk Box."

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Starting a Business

Most People Have No Business Starting a Business. Here's What to Consider Before You Become an Entrepreneur

You need to find the right business opportunity at the right time and take the right steps to beat the odds.

Leadership

AI vs. Humanity — Why Humans Will Always Win in Content Creation

With the proliferation and integration of AI across organizations and business units, PR and marketing professionals may be tempted to lean into this new technology more than recommended.

Growing a Business

Who You Hire Matters — Here's How to Form a Team That's Built to Last

Among the many challenges related to managing a small business, hiring a quality team of employees is one of the most important. Check out this list of tips and best practices to find the best people for your business.

Leadership

This Leadership Technique is the Secret to Optimal Team Performance

Through my experience in business, I've found one particular leadership technique that works better than others.

Management

7 Ways You Can Use AI to 10x Your Leadership Skills

While technology can boost individual efficiency and effectiveness, it's essential to balance their use with human intuition and creativity to avoid losing personal connection and to optimize workplace satisfaction.

Business News

Passengers Are Now Entitled to a Full Cash Refund for Canceled Flights, 'Significant' Delays

The U.S. Department of Transportation announced new rules for commercial passengers on Wednesday.