[By Biz Carson]
Travis Kalanick’s selling streak continues: His Uber stock sales have crossed the $2.5 billion mark. The former CEO of the ride-hailing company has sold off over 90% of his stake, nearly 90 million shares, since November 6 when Uber’s lock-up expired, giving executives and board members their first chance to sell.
In the past six weeks, Kalanick has sold around $2.5 billion in stock, including a $600 million chunk held by his charitable remainder trust. Forbes estimates Kalanick’s net worth to be around $2.7 billion, down from $3.5 billion in early October for The Forbes 400 list. The majority of his wealth now sits in assets that are not Uber shares. Forbes does not count charitable remainder trusts as part of a billionaire’s net worth since such trusts are earmarked for charitable giving.
It’s unusual to see a company’s board member sell off such a sizable stake during such a short window. Other Uber board members, like CEO Dara Khosrowshahi and Ronald Sugar, have purchased shares since November. Uber cofounder Garrett Camp has sold nearly $50 million and given away another 8 million shares (worth about $225 million) to an unknown entity. A representative for Camp did not respond to a request for comment.
The question now is whether Kalanick will sell all of his Uber stock. If he keeps selling at the current rate, he might no longer own any shares of Uber by the end of next week.
A representative for Kalanick did not respond to a request for comment, and Uber declined to comment on his sales. Uber’s stock hasn’t performed well since its public debut in May. It is currently trading around $30, well below its IPO price of $45 a share.