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Uber co-founder and former CEO Travis Kalanick has sold nearly $1 billion of his shares in the company.
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 nearly 33 million shares, according to filings with the Securities and Exchange Commission. That's more than 33% of his stake in Uber, worth more than $885 million based on today's stock price of $27 per share. And to a lesser degree, Garrett Camp has sold 510,000 shares, worth roughly $13.77 million.
Uber - Investors - Employees - Shares - Company
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 on to their shares, others flooded the market, causing Uber's stock to hit record lows.
The company's shares haven't traded much higher than $27 since then -- roughly 40% lower than Uber's IPO price of $45. Its valuation has also plummeted from $76 billion before it went public to about $46 billion today.
Uber - Bruising - Company - Debut - Wall
Uber has experienced a bruising as a public company. Since its debut on Wall Street in May, its share price has slumped, three board members have stepped down, and it's seen an exodus of executives. Its chief product officer, Manik Gupta, said Monday that he's also leaving the company. Uber additionally has laid off about 5% of its staff in three rounds of cuts.
The optics around both of the company's co-founders selling so many shares isn't likely to help investor confidence.
Kalanick - Camp - Shares - Request - Comment
It isn't clear why Kalanick and Camp sold some of their shares; neither returned a request for comment....
(Excerpt) Read more at: CNET
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