- REUTERS/Danish Siddiqui
- Travis Kalanick is cashing in from the company he started.
- According to SEC filings, Uber’s co-founder sold off $1.5 billion worth of the company’s stock since the post-IPO lockup at the start of the November.
- He offloaded about half a billion dollars’ worth in just three days.
- Kalanick still holds about 45 million shares of Uber still and is worth about $3.3 billion, according to Bloomberg.
- Earlier this week, an RBC analyst said the company could become profitable in the next three to five years.
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Travis Kalanick is cashing in from the company he started.
Uber’s cofounder, who no longer works at the company, sold off $1.5 billion worth of the company’s stock since the post-IPO lockup at the start of the November, and he offloaded over half a billion dollars in just three days, according to SEC filings.
Between, November 19 and 21, Kalanick sold roughly more than 20.4 million shares at an average of $28.07 per share, coming to about $578 million, adding to the series of offloads Kalanick made since November 6.
Kalanick still holds about 45 million shares of Uber still and is worth about $3.3 billion according to Bloomberg.
“While it is usual to see directors with such a high value holding selling regularly, Kalanick’s sales are unusually high,” Michael Tindale said to Bloomberg, who is the CEO of Smart Insider, a firm that “tracks and analyzes share transactions by directors and senior managers.”
Kalanick’s sales underline the fact the Uber’s co-founder is focusing on other ventures, such as his startup CloudKitchens – a firm that sources rental space to be turned into kitchens for delivery-only restaurants.
CloudKitchens got major backing from Saudi Arabia at the start of the year.
However, while Kalanick is selling off, Uber’s CEO Dara Khosrowshahi is scooping up more stock. SEC filings show that Khosrowshahi spent $6.7 million on shares of the ride-hailing firm.
According to analyst Mark Mahaney from RBC, Khosrowshahi is making the right move.
“You get the path to profitability working, this stock, which is dislocated now, can be a dramatic outperformer over the next three to five years,” Mahaney has said.
Since the going public in May, Uber’s stock has fallen 29%.
- Markets Insider