Former Uber CEO Travis Kalanick.
Yu Lei | VCG | Getty Images
Uber co-founder and director Travis Kalanick sold about $164 million worth of stock this week, after a half a billion dollar sale last week.
When Uber’s 180-day restriction on inside and early investor sales ended last week, Kalanick was among the wave of sellers that drove the stock down. The former CEO of Uber, who was ousted from the top seat over concerns that he had fostered an unhealthy workplace environment, sold more than half a billion dollars worth of shares in the company last week, according to a financial filing submitted to the Securities and Exchange Commission on Friday.
Kalanick sold an additional $164 million in shares over a three-day period this week, according to a financial filing submitted to the SEC on Wednesday. The latest filing brings his total sell-off to over $711 million since Nov. 6.
Uber’s stock has plummeted to less than $27 per share as of Thursday’s opening 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 71 million shares in Uber, 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, the fund’s first known deal in Silicon Valley since Jamal Khashoggi’s death. The Central Intelligence Agency concluded last year that Saudi Crown Prince Mohammed bin Salman ordered the killing of Khashoggi, a Washington Post columnist.
