Tech giant Apple has given up its board seat with Chinese ride-hailing company Didi after investing $1 billion into it.
A post on the official Didi website reveals that Apple corporate development VP Adrian Perica had resigned earlier in August. Apple CEO Tim Cook said that the move was a ‘strategic investment’ that will help the company understand the Chinese market better. Perica joined the ride-hailing board in 2016.
Didi Global suffered setbacks and struggled to get back to form, largely due to the heavy restrictions and fines imposed by the local Chinese government.
Beijing internet regulators disallowed the app from appearing in the Chinese App Store due to concerns of mishandling customer data. From there, the company faltered and its market value was brought down to less than 20 percent.
After that, Didi was penalized $1.2 billion on claims that the company compromised national security after a year of investigation.