Ex-Uber CEO Sold Close to $1.5 Billion of Shares Shortly after Lockup Expiration

2019-11-22 17:30

Coinspeaker
Ex-Uber CEO Sold Close to $1.5 Billion of Shares Shortly after Lockup Expiration

Co-founder and former Uber Chief Executive Officer Travis Kalanick, has been in the news recently as he has been offloading his shares in the ride-hailing company, at an alarming rate. Earlier this week, Kalanick disposed approximately $578 million of his Uber shares over a few days notably after a binding lockup period expired on Wednesday, Nov. 6. It would seem like Kalanick might be well on his way to dispose of a lot more of his holdings.

According to a Bloomberg report, the ex-CEO’s total offloaded shares is now nearing $1.5 billion and seems to still be moving fast. While Kalanick has not said anything regarding Uber or his reasons for selling, it’s worth noting that market movements like this are somewhat out of the ordinary. The CEO of Smart Insider – a share transaction analysis and tracking firm – Michael Tindale has also corroborated this. Tindale said:

“While it is usual to see directors with such a high value holding selling regularly, Kalanick’s sales are unusually high.”

Regardless, even with all of the sales, Kalanick still holds more than 65 million Uber shares and has a total worth of $3.3 billion at 43 years old. He is however not the only exec selling off as reports have it that co-founder Garrett Camp for some reason, has also disposed of shares worth about $20 million.

There’s also the point that selling off shares like this might not be a bad thing after all. This is because executives like Kalanick usually do not diversify their portfolios much, and end up being a little too vested in their own company’s stock. Kalanick may have simply decided to diversify.

While the sale might be unusual, there could be some explanation to satisfy the inquisitive market. Last year, Kalanick kicked off 10100, a fund directed at handling all of his other endeavors including investments, passions, and other general ideas. Kalanick who still retains a position as a director with Uber suggested at the time that 10100 will oversee different things ranging from real estate investments all the way to philanthropy. It might be safe to assume that 10100 is being funded with some of the proceeds from the sales.

Kalanick has also launched a new startup called CloudKitchens, which seeks to replace actual restaurants. The idea behind CloudKitchens is to have restaurants with very few staff who would prepare foods strictly to be delivered in partnership with other food delivery companies such as Uber Eats, DoorDash, and others. This method will see the company buying cheap property in several urban locations, making food delivery a lot easier and faster in these places.

Basically, CloudKitchens will retain ownership of these properties and will rent them out to restaurant owners who have food delivery businesses and don’t require a physical eat-in location. Kalanick has reportedly pumped $300 million of his own money into the company, with another $400 million added from Saudi Arabia’s Public Investment Fund. Today, CloudKitchens is valued at $5 billion.

At the moment of writing, Uber stock’s price is $29.46 which is much lower than it highest price of $47 in May.

Ex-Uber CEO Sold Close to $1.5 Billion of Shares Shortly after Lockup Expiration

Similar to Notcoin - Blum - Airdrops In 2024

origin »

KuCoin Shares (KCS) íà Currencies.ru

$ 0 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.00 %
Cåãîäíÿ L: $0 - H: $9.9109
Êàïèòàëèçàöèÿ $0 Rank 99999
Öåíà â ÷àñ íîâîñòè $ 1.6216 (-100%)

shares ceo billion lockup ex-uber shortly close

shares ceo → Ðåçóëüòàòîâ: 121


DeversiFi CEO talks building on Ethereum in 2015 vs now, benefits of decentralized exchange and shares customer stories

CryptoSlate recently caught up with Will Harborne, the co-founder and CEO of DeversiFi, a decentralized crypto exchange that was formerly known as Ethfinex. Even though decentralized exchanges are still in their infancy, in the five years since the first iterations launched (think EtherDelta), they have evolved to a point where they are now starting to […] The post DeversiFi CEO talks building on Ethereum in 2015 vs now, benefits of decentralized exchange and shares customer stories appeared first on CryptoSlate.

2019-11-20 16:52


Boeing (BA) Stock Is Preventing Dow from Liftoff as Congress Blasts CEO for Reckless Safety Standards

Boeing shares rose on Monday, but are down sharply this year. At 8. 5% of the Dow, BA continues to be a significant drag on the blue-chip index. Boeing CEO Dennis Muilenburg testified before the Senate Commerce Committee on Tuesday, where his company was criticized for its safety standards and ‘cozy’ relationship with the FAA.

2019-10-31 21:00


Cannabis CEO Clueless About R&D, and the Stock Proves It

By CCN Markets: Canopy Growth's stock may be showing some green today, but it's down an eye-popping 48 percent from its best levels of 2019. No wonder investors can't sell fast enough, with the exception of Bruce Linton, who last month was fired as the company's chief executive but who is reportedly scooping up shares […] The post Cannabis CEO Clueless About R&D, and the Stock Proves It appeared first on CCN Markets

2019-8-21 23:30


Coinbase Reveals Chief Operating Officer is Departing as CEO Brian Armstrong Shares Kind Words

Asif Hirji is leaving Coinbase. Known as the Chief Operating Officer (COO) of the company, Hirji has decided to leave the company. He worked on Andreessen Horowitz and TD Ameritrade Holdings Corp. before Coinbase and joined the San Francisco-based crypto company on December 2017, when cryptos were at their highest point so far. When Hirji […]

2019-6-1 00:06


Warren Buffett Buys Amazon Stock; Will He Change His Mind On ‘Rat Poison’ Bitcoin?

By CCN. com: Berkshire Hathaway just bought its first Amazon shares, Berkshire founder and CEO Warren Buffett revealed to CNBC Thursday night. On the eve of an annual Berkshire shareholders meeting in Omaha, Buffett told CNBC that someone at Berkshire’s asset management desk just invested in some Amazon shares, but “it wasn’t me.

2019-5-3 10:19


Disney Heiress’ Critique of Bob Iger’s $65 Million ‘Insane’ Pay Rings Hollow

By CCN: Roy Disney’s granddaughter Abigail Disney described Disney CEO Bob Iger’s annual compensation package worth $65 million as “insane. ” On the surface, this is an admirable sentiment when taking into account that low-paid employees working at the so-called ‘happiest place in the world’ often struggle to survive earning $15 per hour.

2019-4-24 23:11


Ôîòî:

Galaxy Digital Shares Skyrocket After Novogratz Takes 80% Equity Stake

Analysts were congratulating cryptocurrency merchant bank Galaxy Digital CEO Mike Novogratz March 28 after share performance rocketed. Galaxy Among ‘Best Crypto-Related Performers’ Data from Bloomberg and other sources confirm something of a renaissance for Galaxy, which as recently as the end of last year had seen its fortunes decline dramatically.

2019-3-29 20:00