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Ex-CEO Kalanick Sells 20% of Uber Stake
Former Uber Technologies CEO Travis Kalanick sold about 20% of his stake in the ride-hailing company for $547 million, according to regulatory filings.
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Co-founder and former Uber Technologies Inc. CEO Travis Kalanick sold about 20% of his stake in the ride-hailing company for $547 million, according to regulatory filings.
Kalanick’s sell-off on Friday was part of a massive trading day for Uber, in which 131 million shares valued at about $3.5 billion were moved. The sales marked the end of the IPO lockup period, during which major investors were restricted from selling their shares.
The stock closed at a record low of $26.89 on Friday, down 35% from its IPO price. Earlier last week Uber announced net losses increased 18% to $1.2 billion for the third quarter, despite 30% higher revenues year over year.
Kalanick, who remains on Uber’s board of directors, still owns nearly 5% (78 million shares) of the company’s stock. He resigned as CEO under pressure from investors in June 2017.
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