Travis Kalanick Sells 20 Percent Of His Stake In Uber

Kevin Mwanza
Written by Kevin Mwanza
Travis Kalanick
Former Uber CEO Travis Kalanick sold 20.3 million of his shares in the global ride-hailing firm worth about $547 million. Uber founder Travis Kalanick smiles while watching an NBA basketball game between the Los Angeles Lakers and the Miami Heat Friday, Nov. 8, 2019, in Los Angeles. (AP Photo/Marcio Jose Sanchez)

Travis Kalanick, a former CEO and now a director at fast-growing global ride-hailing startup Uber, sold a fifth of his stake in the company, according to a regulatory filing.

The filings showed that Kalanick, 43, sold 20.3 million shares worth about $547 million that were held in a trust.

This came after the 180-day post-initial-public-offer lock-in for Uber insiders and early investors expired.

Uber went public in May 2019. Its shares have plunged 40 percent since the IPO, cutting its valuation from $76 billion to about $46 billion, according to Bloomberg.

Travis Kalanick still owns shares in Uber

Kalanick still owns 78 million shares in Uber, which gives him a 4.6 percent stake in the company and is worth about $3.7 billion.

Forbes estimated his net worth to be around $3.1 billion, down from $3.5 billion in early October.

Forbes does not count charitable remainder trusts as part of a billionaire’s net worth since the trust is earmarked for charitable giving.

Listen to GHOGH with Jamarlin Martin | Episode 68: Jamarlin Martin

Jamarlin talks about the recent backlash against LeBron James for not speaking up for Joshua Wong and the violent Hong Kong protestors.

The offloading of Uber shares is seen by analysts as an attempt by the former CEO to distance himself from the ride-hailing giant.

He is now the CEO of CloudKitchens, a startup that builds shared smart kitchens for delivery-only restaurants.

Kalanick has invested over $300 million of his own funds into the company and raised an additional $400 million from Saudi Arabia for the venture, according to the Wall Street Journal.