July 5, 2020

The Uber co-founder sells 21% of its stake for almost 500 million euros




The co-founder and former executive director of Uber Technologies Inc., the executive Travis Kalanick, has sold almost 21% of its stake in the company after the so-called "blocking period" expires, According to a regulatory report last Friday, reports Reuters.

Kalanick sold more than 20 million shares, worth almost 547 million dollars, about 495 million euros, according to the document. It still owns about 75.4 million shares of Uber, with a value of more than 2,000 million dollars (about 1,800 million euros) if the closing of the stock market last Friday is taken into account.

Uber's actions reached a record low of $ 26.94 on Wednesday, when the negotiation restrictions affecting the majority of the company's 1.7 billion shares were lifted.

Bad day in the stock market

Shares of the San Francisco-based company were down 0.43% yesterday, to $ 26.89. Since the company debuted on the floor, last May, the value of the securities has plummeted 40.2%.

The lack of capacity to generate benefits It causes distrust of investors towards the company. In the third quarter of 2019, despite increasing its revenues by 30% over the same period of 2018 to 3,813 million dollars, its net profit fell 18%, intensifying the company's red numbers to 1,162 million dollars.

Minority shareholder

Kalanick was forced to resign from Uber in 2017, and already took advantage of the company's initial public offering of shares to make available to new investors 3.7 million titles at a price of $ 45, for which he obtained 168.1 million dollars (152.3 million euros).

After this last sale, its participation in the company he founded has been reduced to around 78 million titles, which represent a share of 4.6%.

. (tagsToTranslate) sale (t) participation (t) uber

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