Former CEO of Uber Technologies Inc. Travis Kalanick is taking advantage of his first opportunity to withdraw cash from a company he founded since the initial public offering, dropping over $ 700 million in stock since last week.
According to reports to the Securities and Exchange Commission, Kalanick sold about $ 547 million Uber shares last week, and to date another $ 164 million so far, giving a total sale of around $ 711 million.
November 6 ended the 180-day blockade period for early Uber investors after the IPO of the company dealing with greeting riders in May. Uber shares
immediately after that, it recorded record drops and fell by almost 40% since it was made public.
Kalanick was dismissed as CEO in 2017, but he still sits on the board.
But despite the large sales, it is not even close to the full payment. Since Wednesday, Kalanick has still held over 71 million Uber shares, worth approximately $ 1.8 billion.
At the current share price of USD 26.05 per share, Uber's market capitalization is approximately USD 45.6 billion.
Kalanick sold almost a third of its Uber shares to the SoftBank Group in January 2018 for around USD 1.4 billion.
Since leaving Uber's leading position, Kalanick has set up an investment fund and focused on the CloudKitchens food delivery startup.