- Former Uber CEO Travis Kalanick is on pace to fully exit his position in the company as he’s rapidly sold stock since early November.
- The founder’s latest sale saw him cash in nearly 2.4 million shares on December 19, bringing his total stake down to about 5.8 million shares, according to a Securities and Exchange Commission filing.
- Kalanick has offloaded as much as 10 million shares in a single day, signaling his next sale could liquidate the rest of his position in the company he founded.
- The company announced Tuesday morning that Kalanick would resign from its board of directors on December 31, further separating the founder from the firm he created.
- Watch Uber trade live here.
Former Uber CEO Travis Kalanick is on pace to fully exit his position in the rideshare company as he’s expeditiously sold stock since early November.
The founder’s latest sale took place on December 19 and saw him cash in nearly 2.4 million shares for roughly $72 million, according to a Securities and Exchange Commission filing. The trade brings Kalanick’s total returns from Uber stock to more than $2.5 billion in less than two months.
Kalanick still holds about 5.8 million shares, down significantly from the 22.6 million he had before he began the rapid exit. The former chief executive has dumped as much as 10 million shares in a single day, signaling his next trade could offload his remaining stake in Uber.
The founder’s swift distancing from Uber’s stock also forecasted his now-announced exit from the company’s board of directors. The company said Tuesday morning that Kalanick would resign from the board effective December 31 to “focus on his new business and philanthropic endeavors.”
“Very few entrepreneurs have built something as profound as Travis Kalanick did with Uber,” current CEO Dara Khosrowshahi said in the statement. “I’m enormously grateful for Travis’ vision and tenacity while building Uber, and for his expertise as a board member. Everyone at Uber wishes him all the best.”
Kalanick began his selling streak in November after Uber’s post-IPO lockup period ended on November 6. The expiration allowed early investors to sell shares for the first time, and the subsequent sell-off pushed Uber’s stock price to record lows.
The former CEO’s sales have helped him move on to new ventures. Kalanick now helms CloudKitchens, a company that converts commercial space into leasable kitchens for delivery-only restaurants. The former Uber executive invested $300 million into the venture before Saudi Arabia’s sovereign-wealth fund sank $400 million into the startup in January. The kingdom’s investment values CloudKitchens at roughly $5 billion.
Uber closed at $30.33 per share on Monday, down approximately 27% year-to-date and 33% from its IPO price of $45 per share.
The rideshare giant has 27 “buy” ratings, 11 “hold” ratings, and one “sell” rating from analysts, with a consensus price target of $44.03, according to Bloomberg data.
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