Uber co-founder Travis Kalanick unloads $547M of shares
Tech analyst John Meyer discusses Uber's loss of $1.16 billion and their expectation to turn a profit by 2021.
Uber co-founder Travis Kalanick cashed out nearly $547 million of Uber stock when the 180-day lockup period expired last week. Shares were lower on the news.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UBER | UBER TECHNOLOGIES INC. | 71.51 | +1.87 | +2.69% |
In four separate transactions, Kalanick sold a total of 20,264,846 shares, a U.S. Securities and Exchange Commission filing showed. He still owns more than 75 million shares, or 4.4 percent, of the company.
It is not clear what Kalanick intends to do with the money. He recently started CloudKitchens, a provider of smart kitchens for delivery-only restaurants.
Kalanick served as Uber CEO until June 2017, when he resigned amid claims the company failed to address sexual harassment and gender discrimination allegations, as well as multiple other scandals.
He was replaced by current CEO Dara Khosrowshahi in August 2107.
Uber priced its initial public offering at $45 a share, or a valuation of about $82 billion – below the $100 billion that the riding-hailing company had targeted. Its market cap was down to $45.8 billion on Monday.
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Shares have fallen 40 percent since their May 10 stock-market debut, and are trading just above their record low of $25.58.