Uber's former CEO Travis Kalanick offloads another $171 million in stock as his massive sell-off continues
- Former Uber CEO Travis Kalanick offloaded another $171 million worth of stock over a five-day period ended Monday, according to an SEC filing.
- The sale further distances Kalanick's portfolio from the company he founded. He's sold more than $882 million of shares to date.
- Kalanick still holds roughly $1.8 billion worth of Uber stock, with the stock trading around $27 a share on Tuesday.
- The former Uber chief has moved on to lead CloudKitchens, a startup that rents out kitchen space to delivery-only restaurants.
- The business received a $400 million investment from Saudi Arabia's sovereign-wealth fund in January, the Wall Street Journal first reported on November 7. The investment valued CloudKitchens at about $5 billion.
- Watch Uber trade live here.
Former Uber CEO Travis Kalanick sold another $171 million worth of stock from Thursday to Monday, further liquidating his position in the company he founded.Kalanick offloaded roughly 6.4 million shares over three sales, at an average price of $26.55 per share, according to a Monday SEC filing. His combined sales to date now ring in at more than $882 million.
Kalanick still holds more than 65 million Uber shares. The position equates to 3.82% of the company's outstanding stock, and was worth approximately $1.8 billion as of Tuesday morning, with Uber trading near $27 a share.Kalanick's sales come after Uber's lockup period ended on November 6. Lockup phases keep early investors from selling shares immediately after an initial public offering. The 180-day window's expiration prompted a massive sell-off by initial investors in the rideshare company and pushed Uber's stock to record lows.
Since resigning from Uber in June 2017, Kalanick has his attention to other projects. The 43-year-old now helms CloudKitchens, a company that rents commercial space and turns it into leasable kitchens for delivery-based restaurants. The former CEO spent $300 million to fund the startup.CloudKitchens received a major backing from Saudi Arabia in January, with the kingdom's sovereign-wealth fund sinking $400 million into the startup. The investment valued CloudKitchens at about $5 billion.The Wall Street Journal first reported on the Saudi investment on November 7.
Uber has 26 "buy" ratings, 11 "hold" ratings, and one "sell" rating from analysts, with a consensus price target of $45.15, according to Bloomberg data.
The company's stock has declined roughly 40% since going public in May.Now read more markets coverage from Markets Insider and Business Insider:
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