Co-founder of Uber Travis Kalanick attends an Oscar party on February 26, 2017 in Beverly Hills, California.
Mike Coppola | Getty Images
Uber co-founder Travis Kalanick continues to dump shares in his old company.
Since Friday, the former CEO of the ride-hailing giant has sold more than $250 million in stock, according to a financial filing submitted to the SEC. That brings his total sell-off to almost $1.71 billion in a series of sales that began on Nov. 6, when the company’s 180-day restriction on inside and early investor sales ended.
Kalanick was ousted as CEO in 2017 following accusations of sexual harassment and discrimination at Uber under his leadership. The latest sale leaves Kalanick with more than 36 million shares in Uber, a substantial stake in the company. 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.
Other Uber insiders have also adjusted their holdings recently, though none to the extent of Kalanick. Co-founder Garrett Camp 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 last week, according to another SEC filing.
Uber’s stock has plummeted to below $30 per share as of Wednesday’s opening 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.
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.