- Uber co-founder and board member Travis Kalanick sold more than $170 million more in shares over a three-day period.
- That brings his total sell-off to nearly $1 billion since the 180-day restriction on inside and early investor sales ended this month.
- Kalanick is launching a venture called CloudKitchens, which reportedly has a major investment from a Saudi fund.
Uber co-founder and director Travis Kalanick sold more than $170 million worth of stock in recent days, bringing his total sell-off since the company's lockup expired to about $882 million.
When Uber's 180-day restriction on inside and early investor sales ended this month, Kalanick was among the wave of sellers that drove the stock down. Kalanick, who was ousted from as CEO over concerns that he had fostered an unhealthy workplace environment, sold more than $700 million worth of Uber shares earlier this month, according to financial filings submitted to the Securities and Exchange Commission.
Kalanick sold an additional $171 million in shares over a three-day period beginning Thursday, according to a financial filing submitted to the SEC on Monday. The latest filing brings his total sell-off to more than $882 million since Nov. 6.
Uber's stock has plummeted to below $27 per share as of Monday's closing price since the company debuted in May at $42 per share. The company's market value is now about $45 billion, down from nearly $70 billion at the end of its first trading day.
Kalanick still owns more than 65 million shares, according to the latest filing. Despite his tenuous relationship with the company following accusations of sexual harassment and discrimination at Uber under his leadership, Kalanick still sits on the board and was present at the New York Stock Exchange during the company's IPO in May, though not on the dais with company executives.
Kalanick's recent sales may indicate his interest in other investments such as CloudKitchens, the entrepreneur's latest venture. According to its website, the start-up plans to rent space to restaurateurs for delivery-based businesses. The project has again cast controversy on Kalanick after The Wall Street Journal reported he raised $400 million from a Saudi fund that is also a major investor in Uber. It was the fund's first-known deal in Silicon Valley since Jamal Khashoggi's death. The CIA concluded last year that Saudi Crown Prince Mohammed bin Salman ordered the killing of Khashoggi, a Washington Post columnist.