Home Business Travis Kalanick sells 2 million shares in Uber for $547 million

Travis Kalanick sells 2 million shares in Uber for $547 million


NEW DELHI: Co-founder and former chief of Uber Travis Kalanick sold about 20% of his stake in the company last week. Kalanick, a director at the ridehailing company, sold 2 million shares worth about $547 million that were held in a trust, according to a regulatory filing on Friday.

The trades came after a 180-day lockup period restricting insider and early investor sales following May’s initial public offering. They were among the large stake disposals last week that pushed the stock down to an all-time low.

Uber has underwhelmed investors in the public markets so far. The shares have tumbled 40% since the IPO, reducing the San Francisco-based firm’s value from almost $76 billion at its listing to about $46 billion.

Kalanick, who was ousted as Uber’s CEO in 2017, remains one of tech’s richest entrepreneurs. Even after the sale, he still owns 78 million shares in Uber — a 4.6% stake — and has a net worth of about $3.7 billion, according to the Bloomberg Billionaires Index.

In March of 2018, Kalanick created a fund called 10100, saying in a tweet it would focus on his “passions, investments, ideas and big bets”.

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