Uber's Co-Founders Sell Millions of Shares of Stock in the Company
Arthur T Knackerbracket has found the following story:
Uber's two co-founders have let go of some of the millions of shares they own in the ride-hailing company. Over the past two weeks, Travis Kalanick has sold more than 26 million shares, according to filings with the Securities and Exchange Commission. That's nearly 27% of his stake in Uber, worth nearly $705 million based on today's stock price. And to a lesser degree, Garrett Camp has sold 510,000 shares, worth roughly $13.6 million.
Uber investors and employees were first able to sell their shares in the company two weeks ago when its initial public offering lockup period ended. While many early investors said they'd hold onto their shares, others flooded the market, causing Uber's stock to hit record lows.
The company's shares haven't traded higher than $27 since then -- roughly 40% lower than Uber's IPO price of $45.
[...] It isn't clear why Kalanick and Camp sold some of their shares; neither returned a request for comment. But they both still own large stakes in the company. Uber had roughly 1.7 billion shares when it went public, according to SEC filings. Of those, Kalanick still owns more than 71 million shares and Camp owns more than 73 million. They also both sit on Uber's board of directors.
[...] After six months of scandals -- including a #DeleteUber movement, allegations of a chaotic corporate culture that OK'd sexual harassment and a lawsuit brought by Waymo claiming Uber stole its self-driving car tech -- Kalanick was forced to step down. Current Uber CEO Dara Khosrowshahi came on two months later in August 2017.
Read more of this story at SoylentNews.