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Former Uber CEO Kalanick cashes out on over 90% of shares worth over $2.5billion
Former Uber CEO Travis Kalanick has cashed out on more than 90 percent of his shares with the ride-hailing firm in less than two months.
The sale of shares have totalled to more than $2.5billion in value of stock since Uber's post-IPO lockup period expired on 6 November.
Uber’s stock value has struggled since its IPO launched on 9 May. The private hire operator’s shares debuted at $42 and currently sit at just $30.45.
The speed of Kalanick’s share sales in the firm that he co-founded in 2009 with Canadian Garrett Camp, has raised suggestions that he could sell all of his stake before 2020 begins.
The former CEO is expected to use the proceeds of the sales to finance his new venture known as CloudKitchens. The new firm plans to lease restaurant kitchen space to serve on food delivery apps like Uber Eats and Deliveroo.
