American Self-Driving Truck Startup Fires CEO Over Chinese Ties | Carscoops carscoops
, Navistar, UPS, and the U.S. Postal Service. Hou’s ties to the Chinese startup were not brought to the attention of audit and government security committees during that process, though.
The removal of its CEO came after the Wall Street Journal reported that Hou was being investigated by the FBI, the Securities and Exchange Commission, and the Committee on Foreign Investments due to his connections to Hydron. In a post on WeChat, Hou confirmed that he had been ousted as chairman and CEO of TuSimple, but denied wrongdoing, claiming that the move had been committed “without cause.”As a result of the scandal, TuSimple’s share prices fell sharply, as the company lost 50 cents per share. That was, however, smaller than the 56-cent per-share loss expected by analysts.
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