Former CEO of Uber Technologies Inc., Travis Kalanick, seeks his first opportunity to pay out the company he founded since the first public offering, dumping more than $ 700 million in stock since last week.
filings to the Securities and Exchange Commission, Kalanick sold about $ 547 million in Uber stock last week, and another $ 164 million so far this week, for a total sale of around $ 711 million.
November 6 marked the end of the 180-day insurance period for Uber's early investors following the company's IPO in May. Uber-shares
dropped to register low after this, and has fallen almost 40% since he went public.
Kalanick was posted as CEO in 201
But despite the hefty sales, he is not even close to paying out completely. As of Wednesday, Kalanick still owns more than 71 million Uber shares, worth about $ 1.8 billion.
At the current share price of $ 26.05 per share, Uber's market capital is approximately $ 45.6 billion.
Kalanick sold nearly one-third of its Uber shares to the SoftBank Group in January 2018, for around $ 1.4 billion.
Since leaving Uber's top position, Kalanick has launched an investment fund and focused on a food delivery startup, called CloudKitchens.