Former Uber CEO cashes out for a second time netting a total $711million
Travis Kalanick, Uber’s founder and ex-Chief Executive, has cashed out on a further 6.1million shares in the firm, just days after selling around a fifth of his stake.
According to filing documents submitted yesterday, Kalanick sold off an extra £127.6million ($164million) of stock.
Since the ride-hailing firm's ‘lock-up’ period expired, the former CEO has sold $711million worth of shares owned this month.
Last week investors in Uber were all gearing up to the possibility of selling their Uber shares following the expiry of its Initial Public Offering (IPO) lock-up. Early investors in the minicab and food delivery firm were then able to sell their stocks.
The ride-hailing giants have since had a bumpy ride on the stock-market with record share price lows.
The transport company’s share price currently sits at $25.99 at closing yesterday, down 2.70%.
The drop in share price this months comes following another reported financial loss in Uber’s third quarter results. Yesterday’s announcement showed the firm losing a hefty £900million ($1.16billion).
In its second quarter Uber posted a $5.24billion loss, which represented the largest quarterly loss in the company's history. Those losses had been accrued after Uber paid nearly $4billion in expenses and stock based compensation during the second quarter. They also paid out just under $300million to drivers relating to its IPO.
