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.
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.
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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.
