Travis Kalanick, billionaire and chief executive officer of Uber Technologies Inc., looks on during the Noah technology conference in Berlin, Germany, on Wednesday, June 8, 2016.
Krisztian Bocsi | Bloomberg | Getty Images
Uber co-founder and director Travis Kalanick’s massive November sell-off of stock in his former company is nearing $1.5 billion.
Kalanick sold more than $570 million worth of Uber stock over a three-day period this week, according to a financial filing submitted to the Securities and Exchange Commission, following a string of sales that began on Nov. 6, when the company’s 180-day restriction on inside and early investor sales ended. Kalanick has sold a total of $1.456 billion in Uber stock so far. The latest sale leaves the 43-year-old entrepreneur with fewer than 45 million shares in the company.
Kalanick, who was ousted as CEO over concerns that he had fostered an unhealthy workplace environment, sold nearly $900 million worth of Uber shares earlier this month, according to SEC filings.
Uber’s stock has plummeted to below $30 per share as of Thursday’s closing price. The company debuted in May at $42 per share. The company’s market value is now about $50 billion, down from nearly $70 billion at the end of its first trading day.
Other major Uber players are also adjusting their holdings. Co-founder Garrett Camp has sold about $20 million in shares this month, according to SEC filings, but still holds more than $2 billion in the company. CEO Dara Khosrowshahi bought more than $6 million in shares earlier this week, according to another SEC filing.
Kalanick’s remaining holdings in Uber still represents a substantial stake in the company. Despite his tenuous relationship with the company following accusations of sexual harassment and discrimination at Uber under his leadership, Kalanick still sits on the board and was present at the New York Stock Exchange during the company’s IPO in May, though not on the dais with company executives.
Kalanick’s recent sales may indicate his interest in other investments such as CloudKitchens, the entrepreneur’s latest venture. According to its website, the start-up plans to rent space to restaurateurs for delivery-based businesses. The project has again cast controversy on Kalanick after The Wall Street Journal reported he raised $400 million from a Saudi fund that is also a major investor in Uber. It was the fund’s first-known deal in Silicon Valley since Jamal Khashoggi’s murder. The CIA concluded last year that Saudi Crown Prince Mohammed bin Salman ordered the killing of Khashoggi, a Washington Post columnist.
— CNBC’s Lauren Feiner contributed to this report.