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Travis Kalanick is selling off his Uber stock uber quickly

Travis Kalanick
Uber founder Travis Kalanick smiles while watching an NBA basketball game between the Los Angeles Lakers and the Miami Heat Friday, Nov. 8, 2019, in Los Angeles.
(Marcio Jose Sanchez / Associated Press)

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.

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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.


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