Travis Kalanick is selling off his Uber stock uber quickly
Travis Kalanick is having the sale of the century.
The Uber Technologies Inc. co-founder unloaded $350 million of stock this month, bringing his proceeds to more than $2.1 billion since a share lockup ended Nov. 6.
The 43-year-old’s remaining stake in the ride-hailing company now constitutes about a fifth of his $3-billion fortune, according to the Bloomberg Billionaires Index, down from about 75% before the lockup.
Co-founder Garrett Camp also has reduced his stake, though not on the scale of Kalanick. He has sold about $35 million of shares, a fraction of his $2.1-billion holding. Another insider is taking the opposite approach. Chief Executive Dara Khosrowshahi bought about $7 million worth of shares on Nov. 18.
Shares of Uber rose 5.5% to $30.05 after the Wall Street Journal reported that the firm was in talks to sell its Uber Eats business in India.
Still, the stock has fallen about 33% since Uber’s May public offering as investors question its path to profitability amid regulatory challenges and controversies about passenger safety and drivers’ rights.
A new California law is about to give more gig economy workers the right to a minimum wage. Uber also faces problems related to sexual assault and a fatal crash involving a self-driving car in Arizona.
The company has appealed a U.K. regulator’s decision last month revoking its license in London, starting what could be a years-long fight to protect its biggest European market.