Uber co-founder and ousted chief executive Travis Kalanick sold 20.3 million shares of the company since the trading restrictions period expired last Wednesday.
According to public filings, Kalanick sold 20.3 million shares worth $547 million, in a series of transactions. The sales leave him with a roughly 75.4 million shares, about 4.5% stake worth more than $2 billion in the ride-hailing giant, according to Bloomberg calculations.
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Uber’s share price hit a record low last week as the company posted a third-quarter loss of more than $1 billion. In addition, shareholders have waited for the end of the post-IPO lockup period, which prevented early investors from selling shares for six months after the company’s initial public offering. This practice is designed to reduce share volatility in newly public companies.
The former CEO was forced to leave in 2017 amid a series of lawsuits and scandals. Kalanick and his co-founder Garrett Camp still serve on the company’s board.
Kalanick now concentrating on his food delivery startup Cloud Kitchens following investment from Saudi Arabia, according to The Wall Street Journal.
Business Insider claims that in the new startup, Kalanick will be directly competing with Uber, which is scaling up Uber Eats.