Uber co-founder Travis Kalanick has unloaded over $2.5B of stock
Kalanick now owns less than 10% of his original stake
Travis Kalanick has almost completely sold out of his Uber stake.
The co-founder and former CEO of the ride-hailing giant has cashed out more than $2.5 billion of Uber shares since Nov. 6 through sales that have occurred on a daily basis. After his latest sale, Kalanick still owns more than 8.2 million shares worth about $250 million, or less than 10 percent of his original stake. Kalanick’s most recent filing with the U.S. Securities and Exchange Commission was on Dec. 18.
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Kalanick resigned from his role as CEO in June 2017 amid scrutiny from some of the company’s biggest investors over the firm's handling of harassment and discrimination complaints.
It is not clear what Kalanick intends to do with the proceeds of his share sale. He recently started CloudKitchens, a provider of smart kitchens for delivery-only restaurants.
Kalanick did not immediately respond to FOX Business’ request for comment.
Uber priced its IPO at $45 a share, giving the company a valuation of about $82 billion – below the $100 billion that was targeted.
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Shares have fallen 32.3 percent since their May 10 IPO, dropping Uber’s market capitalization to $51.9 billion.