Travis Kalanick Has Sold $882 Million of Uber Since Lockup Expired
Travis Kalanick Has Sold $882 Million of Uber Since Lockup Expired
(Bloomberg) -- Travis Kalanick continues to shrink his holding in Uber Technologies Inc.
The co-founder and former chief executive officer of the ride-hailing firm sold 6.1 million shares since Thursday for $171 million, according to a regulatory filing.
Kalanick, 43, has offloaded 33 million shares so far this month, collecting $882 million. That represents about a third of the stake he held in the San Francisco-based company after Uber’s May initial public offering. The trades came after a 180-day lockup period restricting insider and early investor sales ended on Nov. 6. The stock has slumped 40% since the IPO.
The entrepreneur, who was ousted as Uber’s CEO in 2017, created a fund called 10100 last year to invest in “big bets.” His latest business is CloudKitchens, which bets on so-called dark kitchens becoming a backbone of the rapidly expanding food-delivery market. The startup got $400 million of funding from Saudi Arabia’s Public Investment Fund in January, valuing it at $5 billion, the Wall Street Journal reported Nov. 7. Kalanick has invested $300 million in this latest venture.
Kalanick is still an Uber director and his remaining 3.8% stake is worth $1.7 billion. He has a net worth of $3.4 billion, according to the Bloomberg Billionaires Index.
To contact the reporter on this story: Tom Metcalf in London at tmetcalf7@bloomberg.net
To contact the editors responsible for this story: Pierre Paulden at ppaulden@bloomberg.net, Steven Crabill, Peter Eichenbaum
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