Former Uber CEO Travis Kalanick cashes in another $166 million of stock as he further distances himself from the rideshare giant
- Former Uber CEO Travis Kalanick sold another $166 million worth of stock between December 11 and December 13, pushing his selling streak further into the month.
- The company founder cashed in about 5.8 million shares in the period, according to an SEC filing. The sales bring his total gains from sold stock to roughly $2.1 billion.
- Kalanick still holds 21 million shares, worth about $611 million as of Uber's opening price Monday.
- The former chief executive has since moved on to helm CloudKitchens, a startup that received a $400 million investment from Saudi Arabia's sovereign-wealth fund in January. The backing valued CloudKitchens at $5 billion.
- Watch Uber trade live here.
Former Uber CEO Travis Kalanick offloaded another $166 million worth of stock as his selling streak continued through mid-December.
The company founder cashed in about 5.8 million shares between December 11 and December 13, according to a filing with the Securities and Exchange Commission. Kalanick now holds about 21 million shares, worth around $611 million as of Uber's opening price on Monday.
The sales, which took place between December 11 and December 13, brought his total sale to more than $2.1 billion. Kalanick's biggest day of selling was November 20, when he dumped nearly 8.5 million shares for a $236 million windfall.
The former chief executive's selling streak began in early November after Uber's post-IPO lockup period ended. Early shareholders were allowed to cash in for the first time on November 6, and the subsequent sales tanked the stock to record lows.
Kalanick's remaining position in Uber stock now makes up about 20% of his $3 billion net worth, according to Bloomberg. The rideshare company's stock made up about three-quarters of his fortune before the lockup period expired.
Kalanick sold about $441 million of his stake in Uber in December alone, further liquidating his position as he moves to other ventures. The former CEO now helms CloudKitchens, a startup that rents commercial space and renovates it into shared kitchens for delivery-only restaurants.
Kalanick sank $300 million into the business, and it received additional backing from Saudi Arabia's sovereign-wealth fund in January. The kingdom invested $400 million into CloudKitchens, valuing the startup at $5 billion.
The Wall Street Journal first covered the Saudi investment on November 7.
Uber traded at $30.05 per share as of 10:10 a.m. ET Monday, down about 28% year-to-date.
The company has 27 "buy" ratings, 11 "hold" ratings, and one "sell" rating from analysts, with a consensus price target of $44.03, according to Bloomberg data.
Now read more markets coverage from Markets Insider and Business Insider:
BANK OF AMERICA: A 'melt-up' in stocks will push the market 5% higher by March