Travis Kalanick Dumps More Uber Stock; Spokesperson Confirms The Inevitable

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Earlier today Uber Technologies (NYSE:UBER) announced that its former chief executive officer and co-founder Mr. Travis Kalanick volition resign from the visitor on the 31st of this calendar month. The announcement comes subsequently the sometime chief executive has dumped more than $ii billion worth of holdings in the company that he helped create with Canadian Garett Camp. Now, a fresh filing with the Securities and Exchange Commission has revealed that Mr. Kalanick sold more stock last week. Accept a wait beneath for more details.

Uber'south Former C.E.O. Travis Kalanick Sold Two Million Boosted Shares Last Week Bringing Down His Holding To Five Million

Prior to Uber'southward initial public offering earlier this yr, Travis Kalanick held 117.5 one thousand thousand shares of the company's stock. He has, since then, sold 112 meg of these equally per a Securities and Substitution Commission filing yesterday. As per the details. Mr. Kalanick's current holdings in Uber amount to five,833,401 shares of the company.

His latest auction was on the 19th of December when he sold 2,387,028 Uber shares at an amass price of $xxx.0115 for a total value of $71,638,291. Judging past the pace at which Mr. Kalanick has been busy selling Uber (NYSE:UBER) stock, it'due south highly possible that he sold his full stock in the company over the grade of concluding week.

An Uber flag

In fact, a spokesperson for Mr. Kalanick has confirmed to CNBC that he has indeed sold all of his holdings in the company. If this is true, and so the information will surface on the Securities and Substitution Commission's website before long. And it'due south likely that Mr. Kalanick really has severed all ties with Uber; after all, if he'd intended to maintain some control over the company so the one-time executive would not take liquidated more than xc% of his holdings after Uber's post-IPO lockup expired concluding month.

Mr. Kalanick'due south deviation comes at a time when Uber is embroiled in tussles with regulatory bodies in the United States and Europe. In its third-quarter 2022 earnings report, Uber (NYSE:UBER) reported $3.8 billion in acquirement and $1.16 billion in a net loss. The loss reflected increasing costs at the company, with spending in research and development and sales and marketing rising past $321 million and $328 over-the-twelvemonth respectively. Uber's acquirement, on the other hand, grew by $818 million over its third quarter of 2022. The company'south current main executive officer Mr. Dara Khosrowshahi expects Uber to break profitability shortly.

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