Uber ex-CEO sells off almost $166 million worth of shares
Co-founder and former CEO of Uber, Travis Kalanick, has been revealed to have sold off up to $166 million worth of shares in the ride-hailing startup over the course of just three days last week, according to Business Insider.
Between December 11th and 13th, the billionaire entrepreneur - whose current project, CloudKitchen, leases kitchens to help delivery-only restaurants - sold 5.8 million shares. He had already sold $1.7 billion worth of shares in November.
He now holds about 21 million shares in Uber, which is less than one-quarter of his original holdings in the company.
He started selling off shares right after the end of the lock-up period following their IPO this year - seemingly causing many others to do the same, causing Uber's stock price to fall to its lowest point in five years. The app's co-founder is thought to have liquidated over $2 billion in stock since the beginning of November.