Get the latest tech news

TuSimple co-founder demands liquidation, sues company for control of his shares

Xiaodi Hou, the co-founder and former CEO of self-driving truck startup TuSimple, is demanding that the board immediately liquidate the company and return

Xiaodi Hou, the co-founder and former CEO of self-driving truck startup TuSimple, is demanding that the board immediately liquidate the company and return all remaining funds – roughly $450 million – to shareholders “on a pure pro-rata basis, regardless of share class,” according to a letter that TechCrunch has viewed. Earlier this month, Hou urged a California district court to issue a temporary restraining order on TuSimple to stop the company from transferring U.S. assets to China as part of an existing shareholder lawsuit. Image Credits: TuSimpleIn the fall of 2022, a probe from the Committee on Foreign Investment in the United States led TuSimple to reveal that its employees spent paid hours in 2021 working for Hydron – Chen’s hydrogen trucking startup based in China – and shared confidential information with the company.

Get the Android app