Uber’s co-founder and former CEO, Travis Kalanick, cashed out a big portion of his stake in the company after its post-IPO lockup period ended last week.
The 180-day restriction after Uber’s initial public offering came to an end on Wednesday, November 7.
In 2017, Kalanick was accused of fostering an unhealthy workplace environment and was soon fired from his CEO position. He sold 20.3 million shares of Uber for $547 million on Friday, November 8. The sale was documented by the Securities and Exchange Commission.
Uber stock listed at $42 per share at its May 2019 IPO. On Friday, it traded at about $27 per share. The company’s market value is about $45 billion, down from the $70 billion it was worth when trading started.
Travis Kalanick still owns more than 75 million shares of Uber. This makes him one of the company’s board members despite strained relations following accusations that Kalanick was guilty of sexual harassment and discrimination. Kalanick was present at the New York Stock Exchange in May when the company went public, but he was not on the dais with other company executives.
It’s unclear why Klanick chose to sell part of his stake in Uber. It’s possible that that he wants to use the money to fund his new company, CloudKitchens. The startup will rent fully equipped space to entrepreneurial chefs for delivery-only restaurants.