Connect with us

Entertainment

Uber Co-Founder Travis Kalanick Has Sold Off His Entire Uber Stake

Early in the month of November, when Uber initially allowed its investors to sell their shares, he began the process of selling the stock, which was said to be worth approximately $2.5 billion at the time.

Published

on

Travis Kalanick, who was Uber’s co-founder and former CEO, has recently scaled back his involvement with the ridesharing app company. He accomplished this goal by liquidating all of his holdings in Uber stock over the course of the past few weeks. He began selling his stake as soon as the company went public earlier in 2019, and he just finished his last sale this week. He completed the sale this week. In addition to selling his Uber shares, he’s also stepping down from the company’s board of directors.

According to the most recent information that is accessible to the public, the value of Kalanick’s sold stock is estimated to be more than $2.5 billion. Early in the month of November, at the time that the first investors in Uber were granted permission to sell their shares, he began the process of selling the stock. That came after an initial period of six months following Uber’s initial public offering during which early investors and employees of the company were not permitted to sell any stock on the open market.

Justin Sullivan/Getty Images

Justin Sullivan/Getty Images

It has been reported that Kalanick is “moving on to other pursuits,” one of which is the establishment of a company that will enable food delivery companies to rent out kitchen space for the purpose of fulfilling orders received from online delivery apps rather than maintaining their own spaces. It’s called CloudKitchens, and Travis Kalanick is one of the investors who helped get it off the ground along with the Saudi Arabian Public Investment Fund, which reportedly put in a total of $400 million at the beginning of 2019 to support the venture. The following is an excerpt from a press statement that was released by Kalanick regarding his decision to part ways with Uber:

Advertisement

Beyond that, it is unknown for certain why Kalanick made the decision to sever all ties with Uber; however, it has been reported that he was frustrated with management. This tension was compounded by the fact that he was forced out of bigger responsibilities by investors concerned about possible scandals involving a “chauvinistic culture” within the company as well as a federal investigation into allegations that Uber used software to dodge regulations. In addition to this, it is also unknown for certain why Kalanick decided to

Advertisement
Click to comment

Leave a Reply

Your email address will not be published.