The Strategist

Uber founder sells shares in his brainchild for more than $ 2 billion

12/17/2019 - 10:10

Former Uber CEO Travis Kalanick continues to reduce his stake in the company he founded. Starting in November, he has been selling stakes every day except weekends. In total, the billionaire gained over $ 2 billion for securities.

The founder and former CEO of Uber, Travis Kalanick (No. 298 in the ranking of the richest people in the world, with a fortune of $ 5.8 billion) has sold the company shares for $ 2.1 billion since the beginning of November, Bloomberg writes with reference to documents published by the Securities and Exchange Commission (SEC) USA. The agency calls the businessman’s actions "sale of the century."

As follows from the SEC’s statement, starting on November 6, when restrictions on the sale of Uber shares after an IPO ceased to apply, Kalanick has been selling packages for different amounts daily, except for weekends and Thanksgiving, when the exchange was not working. Since the beginning of December, the businessman has sold shares for $ 350 million.

Another Uber co-founder, Garrett Camp (No. 413 in the ranking of the richest people in the world, with a fortune of $ 4.6 billion) also reduced his share in the company, but not on such a scale: he sold shares for $ 35 million. In turn, Dara Khosrowshahi, who replaced Kalanick as CEO, bought shares for about $ 7 million in November.

On Monday, Uber shares rose 5.6% to $ 30.09 a share amid news that the company is in talks to sell its food delivery business in India. However, after an IPO in May, Uber fell 33%.


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