Justin Sullivan/Getty Images
- Uber's co-founder and former CEO Travis Kalanick continues to cash out his stake in the ride-hailing company, selling off close to $166 million worth of shares this week.
- The ousted chief executive has sold off a little more than $2 billion worth of Uber stock since the company's post-IPO lockup period in early November, an act that has rapidly liquidated his stake in the company.
- Kalanick holds a little more than 21 million shares in the company as of December 13th, which is less than a quarter of his original stake in the company.
- Visit Business Insider's homepage for more stories.
Uber co-founder and former CEO Travis Kalanick dumped close to $166 million of company stock over the past three days, continuing a selling streak that began in the first week of November.
The 43-year-old founder sold a little over 5.8 million shares between December 11th and December 13th, according to an SEC filing. As of December 13th, the former chief executive holds 21 million shares.
Kalanick raised eyebrows by selling close to $1.7 billion worth of Uber stock in November right after the company's post-IPO lockup period. Early investors were allowed to offload shares for the first time on November 6, and the subsequent sales dragged the stock to record lows.
Uber's stock closed at $28.69/share on Friday. The company, which originally priced its stock at $45/share, has so far had a disappointing run on the stock market since its May debut.
Kalanick was ousted from the ride-hailing company back in 2017, after a series of scandals and some serious boardroom drama. Uber CEO Dara Khosrowshahi was appointed in his place to right the ship.
Since his departure from Uber, Kalanick has pivoted away from ride-hailing and into the ghost kitchen space. His new startup CloudKitchen leases kitchens to help delivery-only restaurants optimize their space. Aside from investing $300 million of his own money into the company, the charismatic startup founder managed to garner $400 million from Saudi Arabia's sovereign wealth fund, The Wall Street Journal reported.
Read the original article on Insider