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Being Uber quick: Travis Kalanick unloads $350 mn worth stock holding

Co-founder Garrett Camp also has reduced his stake, though not on the scale of Kalanick

Tom Metcalf | Bloomberg 

Travis Kalanick
Travis Kalanick

The Technologies Inc. co-founder unloaded $350 million more of stock this month, bringing his proceeds to more than $2.1 billion since a share lockup ended Nov. 6.

The 43-year-old’s remaining stake in the ride-hailing company now constitutes about a fifth of his $3 billion fortune, according to the Bloomberg Billionaires Index, down from about 75% before the lockup.

Co-founder Garrett Camp also has reduced his stake, though not on the scale of Kalanick. He’s sold about $35 million of shares, a fraction of his $2.1 billion holding. Another insider is taking the opposite approach. Chief Executive Officer Dara Khosrowshahi bought about $7 million worth of shares on Nov. 18.

The sales come at a tumultuous time for the San Francisco-based company. shares have fallen 37% since its May public offering as investors question its path to profitability amid regulatory challenges and controversies about passenger safety and the rights of drivers.

A new California law is giving gig-economy workers the right to a minimum wage. also faces problems related to sexual assault and a fatal roadside incident involving a self-driving car in Arizona.

The company has appealed a U.K. regulator’s decision last month revoking its license in London, starting what could be a years-long fight to protect its biggest European market

First Published: Mon, December 16 2019. 20:46 IST