The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Travis Kalanick sold about 20% of his stake in Uber Technologies Inc.
Kalanick, 43, a director at the ride-hailing company, sold 20.3 million shares worth about $547 million that were held in a trust, according to a regulatory filing.
The trades came after a 180-day lockup period restricting insider and early investor sales following May’s initial public offering. They were among the large stake disposals last week that pushed the stock down to an all-time low.
Uber has underwhelmed investors in the public markets so far. Its shares fell 2.2% to $26.42 and have tumbled 41% since the IPO. That’s reduced the San Francisco-based firm’s value from almost $76 billion at its listing to about $45
billion.
Kalanick remains one of tech’s richest entrepreneurs. Even after the sale, he still owns 78 million shares in Uber — a 4.6% stake— and has a net worth of $3.5 billion.