Former CEO of Uber Technologies Inc., Travis Kalanik seized his first opportunity to raise money from the co-founded company after its initial public offering, throwing more than $ 700 million out of stock last week.
According to entries in the Securities and Exchange Commission, Kalanick sold about $ 547 million in shares to Uber last week and another $ 164 million shares so far this week for a total sale of about $ 711 million.
November. 6 marked the end of the 180-day blocking period for early-stage Uber investors following the vehicle company IPO in May. Uber stock
sank to record levels immediately afterwards and fell nearly 40% after being made public.
Kalanik was fired as CEO in 2017, but is still on the board of directors.
But despite the heavy sell-off, it is not even close to paying the full amount. As of Wednesday, Kalanick still owns more than 71 million Uber shares worth about $ 1.8 billion.
At its current share price of $ 26.05 per share, Uber's market cap is about $ 45.6 billion.
Kalanick sold nearly one-third of its Uber shares to SoftBank Group in January 2018, for about $ 1.4 billion.
After leaving first place at Uber, Kalanick started an investment fund and focused on launching a food delivery called CloudKitchens.