Travis Kalanick has sold an additional 6.1 million shares of Uber Technologies Inc. just days after disposing of a fifth of his stake.
The 43-year-old entrepreneur offloaded US$164 million of his holdings in the ride-hailing company this week, according to a regulatory filing Wednesday. Last week he sold stock worth about US$547 million.
The sale underlines Kalanick’s focus on other investments, including CloudKitchens, which he funded with US$300 million. A US$400 million injection from Saudi Arabia’s Public Investment Fund valued the food startup at US$5 billion, the Wall Street Journal reported last week.
His remaining 4.2-per-cent stake in Uber is valued at US$1.9 billion, or less than two-thirds of his US$3.4-billion fortune, according to the Bloomberg Billionaires Index. When he was Uber’s chief executive officer, Kalanick said he retained all his shares in the company. That changed after his ousting in 2017. He sold stock in private transactions and had a six-per-cent stake at the time of its May initial public offering.
Kalanick has moved quickly to offload Uber shares since the IPO. This month’s trades came after a 180-day lockup period restricting insider and early investor sales expired last week.
Uber shares fell 3.9 per cent on Nov. 6 when its lock up expired. Beyond Meat Inc. did even worse, falling 22 per cent, while shares in Avantor Inc., Fastly Inc. and Luckin Coffee Inc. all rose Wednesday when their restrictions were lifted.