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Ilya St
in
Services
November 12 13:35

Uber’s ex-CEO sells his shares after company’s stock plummets

Uber’s co-founder and ex-CEO Travis Kalanick sold over 20% of his company’s stake. He parted with 20.3 million shares, valued at about $547 million
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The deal took place six months after Uber’s IPO, right about the time when early investors go the opportunity to sell their shares. Kalanick still owns 75.4 millions shares. Their value is about $2 billions. This is a major share of Kalanick net worth - $3.2 billions. He left Uber in 2017, following a controversy about driver’s surveillance. 
His decision to downsize his portfolio might come from Uber’s recent problems. Last Tuesday company’s shares plummeted to almost 50% of their IPO’s worth - to $25.58 per share. At this time they have started to slowly recovered their value, but still are far from initial price. 
Uber also encountered serious revenue issues. In 2019 Q3 the company lost $1.2 billion. Uber issued a statement, according to which the company is going to adapt a more lean approach to business and become profitable by 2021. They also remain optimistic about their new projects, such as bike-sharing services and air taxis.