Uber co-founder Travis Kalanick will reportedly resign from the board amid issues with city governments and unions. The Cow Guy Group at Marex Solutions’ Scott Shellady weighs in on this news.
Travis Kalanick and Uber have officially parted ways.
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The co-founder and former CEO of the ride-hailing giant sold his last 5.8 million shares of the company, worth more than $177 million, on Dec. 20, according to a U.S. Securities and Exchange Commission filing out Thursday. Since Nov. 6, Kalanick has sold his entire stake, worth about $2.8 billion, a series of filings showed.
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He has now completely severed his ties with Uber after resigning from the company’s board of directors on Tuesday. His last day of service will be Dec. 31.
Kalanick said that he is “proud of all that Uber has achieved” and that he will “continue to cheer for its future from the sidelines.”
Uber shares debuted on the New York Stock Exchange on May 10, at a price of $45 apiece. They have fallen more than 30 percent since, lowering the company’s market capitalization from about $82 billion to $52 billion.
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Kalanick resigned as Uber’s chief executive in June 2017 after some of the company’s largest investors scrutinized the handling of harassment and discrimination complaints. He recently started CloudKitchens, a provider of smart kitchens for delivery-only restaurants.
