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Uber co-founder sold 90% of his share in the company

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Uber co-founder sold 90% of his share in the company
December 24
09:00 2019

Over one and a half months, Travis Kalanick, former CEO and one of the founders of Uber, has sold about 90% of his own share in the company. The total value of the securities sold is estimated at a very impressive amount of $ 2.5 billion. If sales continue at the same pace, in the coming days Kalanick will be no longer the shareholder of Uber.

Mr. Kalanick began to sell shares in November. Just then, a six-month ban on sales for employees and early investors was lifted. He sold stocks every day until December 18. The public doesn’t know the reason for such a radical step.

According to the media, Kalanick has long been dissatisfied with the actions of the leadership, especially the shareholders, who forced him to resign as director in 2017.

After the IPO, Uber shares fell in price by about a third. On Friday, their value increased 1.5% to $ 30.4.

Lower quotes may mean that investors are not sure about the company’s ability to make a profit. The company’s net loss in the third quarter of last year was 20% higher than in 2018. Dara Khosrowshahi, the current head of  Uber, promises to bring the company to profit by the end of 2021.

Travis Kalanick resigned as the head of the company in 2017. Then there were many scandals over tough corporate policies, as well as a trial with Alphabet, the company that accused Uber of stealing technology for unmanned vehicles.

A former Uber executive is currently working on a CloudKitchens startup, which constructs kitchens and leases them out to restaurants that work only with delivery. There is evidence that at the beginning of last year, $ 400 million was attracted to the project. The Sovereign Wealth Fund of Saudi Arabia acted as an investor.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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