Tech giant Apple has relinquished its board seat at Chinese ride-hailing company Didi after investing $1 billion in it.
A post on the official Didi website reveals Adrian Perica, Apple’s VP of Corporate Development, had resigned earlier in August. Apple CEO Tim Cook said the move was a “strategic investment” that will help the company better understand the Chinese market. Perica joined the ride-hailing board in 2016.
Didi Global faced setbacks and struggled to get back into shape, largely as a result of heavy restrictions and fines imposed by the local Chinese government.
The internet regulators in Beijing did not allow the app in the Chinese App Store due to concerns about mishandling of customer data. From there, the company faltered and its market value was reduced to less than 20 percent.
Didi was then fined $1.2 billion over allegations that the company had endangered national security after a year of investigation.