- DiDi Global Inc (NYSE:DIDI) co-founder and President Jean Liu has told some close associates she plans to exit the company, Reuters reports based on company sources.
- The Goldman Sachs Group Inc (NYSE:GS) veteran holds a 1.6% stake worth $640 million and controls 23% of the vote.
- Liu sees the government taking control of DiDi and appointing new management. Liu even told her close associates to start exploring new opportunities.
- Liu was an essential part of DiDi’s critical decisions, including Alibaba Group Holding Ltd (NYSE:BABA) backed Kuaidi merger and takeover of Uber Technologies‘ (NYSE:UBER) China business.
- DiDi has seen intense regulatory scrutiny over user data handling, pricing strategy, and anticompetitive practices since its U.S IPO.
- Liu had previously planned to quit before the regulatory crackdown to try something new.
- DiDi acknowledged complete cooperation with the cybersecurity review that urged it to delay the IPO. DiDi also refuted the management change stories.
- Price Action: DIDI shares traded lower by 6.99% at $7.72 on the last check Monday.
JP Morgan Initiates Coverage On Chindata Group Holdings with Overweight Rating, Announces Price Target of $18
JP Morgan initiates coverage on Chindata Group Holdings (NASDAQ:CD) with a Overweight rating and announces Price Target of $18.
