TuSimple Holdings Inc., a US startup focused on self-driving trucks, sank after firing its chief executive officer amid a probe into the company’s relationship with a Chinese firm.
Xiaodi Hou was removed as CEO, chairman and chief technology officer, TuSimple said Monday in a filing. The company’s audit committee found that employees spent paid hours working on matters for Hydron Inc., a firm with significant operations in China that was started and invested in by one of TuSimple’s founders. The audit company didn’t approve this related-party transaction, TuSimple said.
Hou’s firing comes eight months after TuSimple reached an ...
