Travis Kalanick sells Uber shares

Travis Kalanick, Uber’s ousted co-founder, sold more than $500m of stock last week immediately after restrictions were lifted on early investors selling their shares.

The Lock up prevents insiders from selling shares for six months after Uber’s initial public offering expired on Wednesday.

Mr Kalanick who was forced out of Uber in 2017 after a series of scandals  last year sold about $1.4bn of stock to a consortium of investors led by SoftBank. With the remaining stake of 4.5 per cent Kalanick is still the one of  Uber’s largest individual shareholders with more than 75m shares valued around $2bn.

Mr Kalanick cashed out more than $540m of Uber shares in a series of trades last week  starting on Wednesday according to regulatory filing published yesterday.

Mr Kalanick still serves on Uber’s board alongside Garrett Camp his co-founder and sicne leaving Uber he has been investing in CloudKitchen.