Uber's former CEO cashed out his shares in November and December, netting billions of dollars but missing out on big gains.
went on a selling spree late last year, dumping almost all of his shares in the ride-hailing company between November and December. In doing so, he left more than $1 billion on the table.
Uber shares rose as much as 10% in extended trading on Thursday, surpassing $40, after the company reported better-than-expectedThe story has brightened modestly for Uber, which struggled last year after its market debut in May, as investors questioned whether the cash-burning business would be able to scratch its way to profitability. After its IPO debuted at $45, the stock sank as low as $25.99 in mid-November. At its after-hours peak on Thursday, it was up 56% from its lowest close.
Had Kalanick held onto his shares, they'd be worth $1.2 billion more today than they were when he divested. Kalanick left the Uber board on Dec. 24, to "focus on his new business and philanthropic endeavors," the company said, just as he was unloading the last of his shares. His latest venture, CloudKitchens, rents out space to restaurateurs for delivery-based businesses.
Kalanick started selling shares in November after the post-IPO lockup period expired, dumping 20% of his stake on Nov. 6, at $26.99 a share, according to filings. Over the next weeks, heIn total, Kalanick netted about $2.8 billion from his stock sales.
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