San Diego company terminates co-founder Xiaodi Hou for sharing confidential information; Hou denies any wrongdoing
San Diego’s TuSimple Holdings, which is developing self-driving technology for semi-trucks, fired its chief executive on Monday after an internal probe found that company shared confidential information with a Chinese startup without proper disclosures.
Hydron is working on autonomous zero-emission hydrogen big rigs. It was founded by Mo Chen, who also co-founded TuSimple. TuSimple also has operations in Europe and China. It went public in April 2021 at $40 per share — which valued it at nearly $8.5 billion at the time. On Monday, its market value was $770 million.
“Unfortunately, the board’s processes and conclusions have been questionable at best,” he continued. “As the facts come to light, I am confident that my decisions as CEO and Chairman, and our vision for TuSimple, will be vindicated.”TuSimple’s ties to China have gotten the attention of regulators before. Prior to going public, CFIUS notified the company that it was examining its relationship with Chinese investors for national security concerns.
When the misstep was discovered, TuSimple inked a non-disclosure agreement. But it does not know whether Hydron shared the information prior to the contract.
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