Uber cofounder Travis Kalanick sells majority of Uber stake

www.irishtimes.com
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Former chief executive has liquidated more than $2.5bn of stock in two months
Travis Kalanick has sold the majority of his stake in Uber, liquidating more than $2.5 billion (€2.26 billion) worth of stock in less than two months.

Mr Kalanick, Uber's former chief executive, has now sold more than 90 per cent of his shareholding at the time of the ride-hailing group's initial public offering in May.

The scale and pace of his share sales has prompted speculation that Mr Kalanick could sell his entire stake in the company he co-founded before the end of the year.

That could raise questions from investors about his long-term position on the board. All of Uber's directors will face a shareholder vote for re-election in May.

The proceeds provide Mr Kalanick with a huge war chest to finance his new venture, Los Angeles-based City Storage Systems. The start-up, better known as CloudKitchens, is scooping up real estate around the world to lease to restaurants serving food delivery apps, including Uber Eats as well as its rivals such as DoorDash and Deliveroo.

Private transaction

After selling about $1.4 billion (€1.2 billion) in Uber shares to…
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