Financial news

Uber’s Kalanick sells 21% of his stake after share lockup expires

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Via Yahoo Finance

(Reuters) – Uber Technologies Inc <UBER.N> co-founder and former chief executive Travis Kalanick has sold nearly 21% of his stake in the ride-hailing company following the expiry of a so-called lockup period, a regulatory filing from late Friday showed.

Kalanick sold more than 20 million shares, worth nearly $547 million (425 million pounds), according to the filing.

He still owns about 75.4 million shares in Uber, worth more than $2 billion, based on their Friday closing.

Shares of Uber hit a record low of $25.58 on Wednesday, when trading restrictions on majority of the company’s 1.7 billion outstanding shares were lifted.

The San Francisco-based company’s shares were down 2.2% at $26.44 in morning trade on Monday. They have tumbled about 41% since the market debut in May.

(Reporting by Akanksha Rana in Bengaluru; Editing by Sriraj Kalluvila)

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