Martı Technologies Inc. has elected Alex Spiro to its board of directors, just weeks after Elon Musk's longtime attorney visited the headquarters of the Turkish mobility super app.
The announcement of naming Spiro as a "Class II director" came after the company’s 2024 annual general meeting of shareholders.
"I am very pleased to have the opportunity to work with Alex on Martı's Board. His experience with a broad range of clients across the fields of business and politics in the U.S., and, most notably, with leading global technology entrepreneurs, gives me confidence that he will contribute to our Company and mission," said Oğuz Alper Öktem, Martı’s founder and CEO.
Earlier this month, Spiro was at Martı's headquarters for a visit that Öktem said focused on the potential for future cooperation.
"I have had the good fortune of working with some of the greatest entrepreneurs and companies in the world. Alper and his team are among the best I’ve seen. I am pleased to support them and the Company as we reach scale and achieve profitability in 2025," said Alex Spiro.
A litigator and partner at Quinn Emanuel Urquhart & Sullivan LLP, Spiro serves as chair of Glassbridge Enterprises and is a board member and strategic advisor to a number of companies.
He is a former prosecutor and a graduate of Harvard Law School, where he continues to teach.
Spiro has long been a top lawyer for Musk, representing him in court cases involving the U.S. Securities and Exchange Commission (SEC) and other matters.
Founded in 2018, Martı – the Turkish word for "seagull" – operates a ride-hailing service that matches riders with car, motorcycle and taxi drivers, and operates a large fleet of rental e-mopeds, e-bikes and e-scooters.
In July 2023, it became the first Turkish entity to list in New York via a merger with a blank-check company.
As of Dec. 15, Marti's ride-hailing service reached 1.61 million riders and 255,000 registered drivers, according to its website. It has set targets for 1.9 million riders and 290,000 registered drivers by the end of next March.
It estimates it will reach positive free cash flow in 2025, which it expects to complete 2025 with $34 million in revenue and $3 million in adjusted earnings before interest, tax, depreciation, and amortization (EBITDA).
