Travis Kalanick Sells Remaining Uber Shares, Leaving Board
After selling more than $2B of his shares, Travis Kalanick has severed his final ties to Uber. The New York Times reports:
Travis Kalanick, the founder and former chief executive of Uber, has stepped down from the company’s board of directors, severing his last tie with the company.
Mr. Kalanick, 43, started the Uber in 2009 with co-founder Garrett Camp, and grew it from a small start-up to a behemoth that defined the ride hailing industry. The company went public in May, and has since struggled on the public market. The board forced Mr. Kalanick to resign as chief executive in 2017 after a series of sexual harassment and privacy incidents.
Talk about selling out. Kalanick’s reign of burning a seemingly endless supply of cash may have finally come to an end, but Uber continues to hemorrhage cash. Travis has been riding the IPO pony to cash out slowly (which, I should add, many others were not so lucky). A majority of his shares have been locked-up since the IPO, which is why he didn’t sell them en masse. There’s no ambiguity about this $2B conclusion, he’s done with Uber.