Thursday 14 November 2019 4:16 pm

Uber co-founder Travis Kalanick takes stock sale to over $700m

Just days after disposing more than a fifth of his stake in ride-hailing app Uber, ousted chief executive Travis Kalanick has sold a further 6.1m shares in the company he helped found.

According to a company filing submitted yesterday, the entrepreneur sold an additional $164m (£127.6m) of stock, taking the total disposed of this month to $711m.

Read more: Uber launches new safety measures

Last Wednesday Uber’s stock price fell to a record low as shareholders prepared for the end of the so-called lockup period, which prevented early investors from selling shares for six months after the company’s initial public offering (IPO).

According to the Bloomberg Billionaires Index, Kalanick’s remaining 4.2 per cent stake in Uber is worth $1.9bn, out of his net wealth of $3.4bn.

At the time of the IPO, Kalanick had a six per cent stake in the company.

Uber has been attempting to restore confidence after its disappointing IPO earlier this year, and last week posted a third-quarter loss of more than $1bn.

The firm has come under scrutiny from analysts over its ability to stem its hefty losses, but chief executive Dara Khosrowshahi has said he hopes to make the tech giant profitable by 2021.

Read more: Uber co-founder Travis Kalanick offloads $550m in shares

Kalanick, who co-founded Uber with Garrett Camp in 2009, was forced to step down in 2017 amid a series of scandals and lawsuits. Both executives still serve on the company’s board.

In recent months Kalanick has been putting increasing focus into CloudKitchens, a kitchen rental and food delivery company which he funded with $300m.

Main image credit: Getty