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Ex-Uber CEO Kalanick sells 21% of his stake for $547 million after share lockup expires

Kalanick still owns about 75.4 million shares in Uber, worth more than $2 billion, based on their Friday closing

twitter-logo Reuters   New Delhi     Last Updated: November 12, 2019  | 11:44 IST
Ex-Uber CEO Kalanick sells 21% of his stake for $547 million after share lockup expires
Former Uber CEO Travis Kalanick

Uber Technologies Inc co-founder and former chief executive Travis Kalanick has sold nearly 21% of his stake in the ride-hailing company following the expiry of a so-called lockup period, a regulatory filing from late Friday showed.

Kalanick sold more than 20 million shares, worth nearly $547 million, according to the filing. He still owns about 75.4 million shares in Uber, worth more than $2 billion, based on their Friday closing.

ALSO READ: Uber crisis: Key lessons for start ups from Uber CEO Travis Kalanick's resignation

Shares of Uber hit a record low of $25.58 on Wednesday, when trading restrictions on majority of the company's 1.7 billion outstanding shares were lifted. The San Francisco-based company's shares were down 2.2% at $26.44 in morning trade on Monday. They have tumbled about 41% since the market debut in May.

ALSO READ: Ola hits out at Uber; says it's a shame that the morals of a woman were questioned

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