Mexican Media Brands
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.
#regulations #economics
Share
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.
RELATED CONTENT
-
Tariffs on Autos: “No One Wins”
While talk of tariffs may make the president sound tough and which gives the talking heads on cable something to talk about, the impact of the potential 25 percent tariffs on vehicles imported to the U.S. could have some fairly significant consequences.
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
