Uber co-founder Travis Kalanick sells half a billion dollars in stock after lockup period ends

CNBC Technology 0 month ago

Uber co-founder and director Travis Kalanick sold more than half a billion dollars worth of stock last week after the company's lockup period expired.

Uber's 180-day restriction on inside and early investor sales came to an end on Wednesday, sending the stock down that day in anticipation of a wave of sales. Kalanick, the former CEO of Uber who was ousted from the top seat after being accused of fostering an unhealthy workplace environment, sold over 20 million shares held in a trust over three days last week, according to a financial filing submitted to the Securities and Exchange Commission on Friday.

Uber's stock has plummeted to about $27 per share as of Friday's closing price from its opening price of $42 at its May debut. Uber's market value is now about $45 billion, down from nearly $70 billion at the end of its first trading day.

Kalanick still directly owns more than 75 million shares in Uber, according to the filing. Despite his tenuous relationship to the company following accusations of sexual harassment and discrimination at Uber under his leadership, Kalanick still sits on the board and was present at the New York Stock Exchange during the company's IPO in May, though not on the dais with company executives.

While it's unclear why Kalanick chose to sell his shares, he could use the money to help fund his new venture, CloudKitchens. According to its website, the start-up plans to rent space to restaurateurs for delivery-based businesses. The project has again cast controversy on Kalanick after The Wall Street Journal reported he raised $400 million from a Saudi Arabian fund that is also a major investor in Uber. The Central Intelligence Agency concluded last year that Saudi Crown Prince Mohammed bin Salman ordered the killing of Washington Post columnist Jamal Khashoggi.


Source link
Read also:
New York Post › Finance › 0 month ago
Uber Technologies co-founder and former chief executive Travis Kalanick has sold nearly 21 percent of his stake in the ride-hailing company following the expiry of a so-called lockup period, a regulatory filing from late Friday showed. Kalanick sold...
Business Insider › 2 weeks ago
Travis Kalanick is cashing in from the company he started. According to SEC filings, Uber's co-founder sold off $1.5 billion worth of the company's stock since the post-IPO lockup at the start of the November. He offloaded about half a billion dollars...
Business Insider › Automobile › 0 month ago
Uber founder Travis Kalanick sold 20.3 million shares of the company as its post-IPO lockup period expired last week According to public filings, the sales leaves him with a roughly 4.5% stake in the ride-hailing giant. Kalanick appears to be actively...
Business Insider › Finance › 1 week ago
Former Uber CEO Travis Kalanick continued his ongoing share sell-off into December, cashing in more than $93 million after selling the company's stock over a three-day period. Kalanick's combined sales now ring in at more than $1.8 billion since Uber's...
Business Insider › Lifestyle › 1 month ago
Travis Kalanick, Uber's ousted founder, will soon be in direct competition with his previous company after raising $400 million from Saudi Arabia for his new food-delivery startup, according to The Wall Street Journal. Travis Kalanick's net worth is $3...
Reuters › Technology › 0 month ago
Uber Technologies Inc co-founder and former chief executive Travis Kalanick has sold nearly 21% of his stake in the ride-hailing company following the expiry of a so-called lockup period, a regulatory filing from late Friday showed.
New York Post › Finance › 3 weeks ago
Former Uber boss Travis Kalanick sold an additional $164 million worth of the ride-hailing company’s stock this week, bringing his total sales to more than $700 million. Last week Kalanick dumped nearly $547 million worth of shares, bringing his...
One America News Network › Technology › 0 month ago
(Reuters) - Uber Technologies Inc co-founder and former chief executive Travis Kalanick has sold nearly 21% of his stake in the ride-hailing company following the expiry of a so-called lockup
Business Insider › Finance › 3 weeks ago
Former Uber CEO Travis Kalanick offloaded another $171 million worth of stock over a five-day period ended Monday, according to an SEC filing. The sale further distances Kalanick's portfolio from the company he founded. He's sold more than $882 million...
Business Insider › Finance › 3 weeks ago
Former Uber CEO Travis Kalanick sold nearly $164 million worth of the rideshare company's stock from Monday to Wednesday, further trimming his stake as he moves on to other ventures. The sale follows Kalanick offloading $547 million worth of shares...
Sign In

Sign in to follow sources and tags you love, and get personalized stories.

Continue with Google
OR