INSUBCONTINENT EXCLUSIVE:
But just one week later, Painter was removed as CEO and replaced in the interim with Adam Hieber, a CFA from Fair investor SoftBank
Today, according to two sources, Fair announced at an all-hands meeting that it would end its Fair Go program that helped Uber drivers lease
The program will cease in April
at $1.2 billion after raising over $2 billion in equity and debt financing from SoftBank and Lightspeed, Fair laid off 40% of its staff in
The deal lets drivers lease an Uber-eligible car with subscriptions to roadside assistance and maintenance for as low as $130 per week with
a $500 start fee.But Uber had sold the leasing program because it was unprofitable and adding to its losses at a tough time for the
It was an important focus for the company as it retooled its subscription services for traditional drivers
Another source says at one point Fair Go was adding about 250 to 300 car leases per day and had thousands of active leases.But Fair Go was
facing higher insurance rates from carriers, which make sense since Uber drivers can be on the road far, far longer than traditional car
An agency representative provided the statement above after publishing time.An Uber spokesperson confirmed the shut down of Fair Go and
Getaround, and they may be able to work with Uber drivers formerly leasing from Fair.Painter kept a role as chairman of Fair.com when he
different unfolding of events that speaks to the pressure SoftBank itself is under.The news is the latest low point for the SoftBank
portfolio in the wake of the WeWork implosion
on sustainable unit economics
raising on good terms after what many saw as inflated valuations propped up by the megafund, has been hit the hardest
This week A Technology News Room broke the news that Flexport was laying off 3% of staff, or 50 employees.Other SoftBank-funded company
layoffs include Zume Pizza (80% of staff laid off), Wag (80%), Getaround (25%), Rappi (6%), and Oyo (5%)
There may be more to come: activist investor Elliott Management, which now owns more than $2.5 billion of SoftBank shares, has reportedly
been in talks with the company over a range of issues including better corporate governance and more transparency and management around
investments.Updated with confirmation from Fair, and a correction that Uber will continue offering car rentals through partners but not
leasing as we originally printed.
