- Former UberCEO Travis Kalanick sold nearly $US164 million worth of the rideshare company’s stock from Monday to Wednesday, further trimming his stake as he moves on to other ventures.
- The sale follows Kalanick offloading $US547 million worth of shares last week. The ousted founder still holds roughly 71.7 million shares, according to a recent SEC filing.
- Kalanick now helms CloudKitchens, a startup that leases kitchen spaces for delivery-only restaurants.
- The firm received a $US400 million investment from Saudi Arabia’s sovereign-wealth fund in January, The Wall Street Journal first reported on November 7.
- Watch Uber trade live here.
Former UberCEO Travis Kalanick continued his share sell-off on Wednesday, dumping nearly $US164 million worth of stock in the rideshare company.
The move follows last week’s $US547 million sell-off as Kalanick focuses on other projects. The 43-year-old now leads CloudKitchens, a startup that rents commercial space and turns it into shared kitchens for delivery-focused restaurants.
An SEC filing covering the most recent sale shows Kalanick offloaded about 6.1 million shares from Monday to Wednesday. Uber’s ousted founder still holds roughly 71.7 million Uber shares, equal to a 4.2% stake in the company. Bloomberg first reported the sale.
Uber opened at $US27.04 per share Thursday, down approximately 36% year-to-date.
Kalanick spent $US300 million to fund CloudKitchens. The startup also received a $US400 million investment from Saudi Arabia’s sovereign-wealth fund in January, The Wall Street Journal first reported on November 7. The deal values CloudKitchens at roughly $US5 billion.
Kalanick’s trades arrived after Uber’s lockup period ended November 6. The 180-day period kept early investors from selling their shares, and the period’s expiration prompted a massive sell-off, sending shares to record lows.
Uber has 26 “buy” ratings, 11 “hold” ratings, and one “sell” rating from analysts, with a consensus price target of $US45.21 per share, according to Bloomberg data.
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