Uber's former CEO Travis Kalanick cashes in another $93 million in stock as he separates himself further from the rideshare giant
- Former Uber CEO Travis Kalanick continued his ongoing share sell-off into December, cashing in more than $93 million after selling the company's stock over a three-day period.
- Kalanick's combined sales now ring in at more than $1.8 billion since Uber's post-IPO lockup period expired on November 6.
- While the former chief executive has been dumping shares of the company he helped build, current CEO Dara Khosrowshahi has been boosting his own stake. The executive spent $6.7 million on Uber shares on November 18.
- Watch Uber trade live here.
Former Uber CEO Travis Kalanick pushed his recent selling streak into December, offloading more than $93 million worth of the company's stock over a three-day period.
While the 43-year-old founder has been liquidating his Uber stake, current CEO Dara Khosrowshahi has been buying up shares. The chief executive spent $6.7 million on Uber stock on November 18, and now holds 1.53 million shares.Since resigning from Uber in June 2017, Kalanick has shifted his focus to a new startup. He now leads CloudKitchens, a firm that rents commercial space and renovates it into leasable kitchens for delivery-only restaurants.Kalanick sank $300 million into the startup, and the firm received additional backing from Saudi Arabia in January. The kingdom's sovereign-wealth fund invested $400 million into the firm, valuing CloudKitchens at $5 billion.
The Wall Street Journal first covered the Saudi investment on November 7.
Uber stock traded at $28.88 per share at 10:20 a.m. ET Tuesday, down roughly 31% from its May IPO.The company has 27 "buy" ratings, 11 "hold" ratings, and one "sell" rating from analysts, with a consensus price target of $44, according to Bloomberg data.
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