Uber's former CEO Travis Kalanick sold another $164 million worth of stock, further cashing out of the company he created
- Former Uber CEO Travis Kalanick sold nearly $164 million worth of the rideshare company's stock from Monday to Wednesday, further trimming his stake as he moves on to other ventures.
- The sale follows Kalanick offloading $547 million worth of shares last week. The ousted founder still holds roughly 71.7 million shares, according to a recent SEC filing.
- Kalanick now helms CloudKitchens, a startup that leases kitchen spaces for delivery-only restaurants.
- The firm received a $400 million investment from Saudi Arabia's sovereign-wealth fund in January, The Wall Street Journal first reported on November 7.
- Watch Uber trade live here.
Former Uber CEO Travis Kalanick continued his share sell-off on Wednesday, dumping nearly $164 million worth of stock in the rideshare company.The move follows last week's $547 million sell-off as Kalanick focuses on other projects. The 43-year-old now leads CloudKitchens, a startup that rents commercial space and turns it into shared kitchens for delivery-focused restaurants.Advertisement
An SEC filing covering the most recent sale shows Kalanick offloaded about 6.1 million shares from Monday to Wednesday. Uber's ousted founder still holds roughly 71.7 million Uber shares, equal to a 4.2% stake in the company. Bloomberg first reported the sale.
Uber opened at $27.04 per share Thursday, down approximately 36% year-to-date.Kalanick spent $300 million to fund CloudKitchens. The startup also received a $400 million investment from Saudi Arabia's sovereign-wealth fund in January, The Wall Street Journal first reported on November 7. The deal values CloudKitchens at roughly $5 billion.
Kalanick's trades arrived after Uber's lockup period ended November 6. The 180-day period kept early investors from selling their shares, and the period's expiration prompted a massive sell-off, sending shares to record lows.Uber has 26 "buy" ratings, 11 "hold" ratings, and one "sell" rating from analysts, with a consensus price target of $45.21 per share, according to Bloomberg data.Now read more markets coverage from Markets Insider and Business Insider:Advertisement
We visited ex-Uber CEO Travis Kalanick's secret 'ghost kitchen' startup in San Francisco that was backed by $400 million from Saudi Arabia - take a lookAdvertisement
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