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Travis Kalanick Is Exiting His Uber Holdings Uber Quickly

December 16, 2019, 6:30 PM UTC
Travis Kalanick at the NYSE
Travis Kalanick, founder and former chief executive officer of Uber Inc., center, stands on the trading floor during the company's initial public offering (IPO) at the New York Stock Exchange (NYSE) in New York, U.S., May 10, 2019. The No. 1 ride-hailing company's shares will start trading on the New York Stock Exchange after it raised $8.1 billion in the biggest U.S. IPO since 2014, pricing shares at $45 each. Photographer: Michael Nagle/Bloomberg via Getty Images
Michael Nagle—Bloomberg/Getty Images

The Uber Technologies Inc. co-founder unloaded $350 million more of stock this month, bringing his proceeds to more than $2.1 billion since a share lockup ended Nov. 6.

The 43-year-old’s remaining stake in the ride-hailing company now constitutes about a fifth of his $3 billion fortune, according to the Bloomberg Billionaires Index, down from about 75% before the lockup.

Co-founder Garrett Camp also has reduced his stake, though not on the scale of Kalanick. He’s sold about $35 million of shares, a fraction of his $2.1 billion holding. Another insider is taking the opposite approach. Chief Executive Officer Dara Khosrowshahi bought about $7 million worth of shares on Nov. 18.

Shares of Uber rose 5.5% to $30.05 at 10:40 a.m. in New York after the Wall Street Journal reported that firm was in talks to sell its Uber Eats business in India.

Still, the stock has fallen 33% since Uber’s May public offering as investors question its path to profitability amid regulatory challenges and controversies about passenger safety and the rights of drivers.

A new California law is giving gig-economy workers the right to a minimum wage. Uber also faces problems related to sexual assault and a fatal roadside incident involving a self-driving car in Arizona.

The company has appealed a U.K. regulator’s decision last month revoking its license in London, starting what could be a years-long fight to protect its biggest European market.

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