Travis Kalanick Is Exiting His Uber Holdings Uber Quickly
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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