Image source: Flickr: Travis Kalanick LeWeb Day 1 - Dan Taylor/Heisenberg Media
Former Uber CEO Travis Kalanick cashed out more than $700 million in Uber stock over the past week. Kalanick took advantage of the expiration of the company’s lock-up period, which ended on November 6, to sell all of the shares held in his charitable remainder trust. Sales of the trust’s shares totaled over $610 million. Kalanick also sold over $100 million of stock that he holds directly.
Altogether, Kalanick has sold about 26.3 million shares of Uber stock, 22 million of which were in a charitable remainder trust. He still owns 71 million shares in the company.
Forbes estimates Kalanick’s net worth to be around $3.1 billion, down from $3.5 billion at the Forbes 400 in early October. Forbes does not count charitable remainder trusts as part of a billionaire’s net worth since the trust is earmarked for charitable giving. Owners of charitable remainder trusts do receive an annual payout.
So far, Kalanick, who remains a board member, has sold more Uber shares than any other executive or board member since the lock-up expired. The only other Uber executive to sell in the past week was its chief product officer Manik Gupta, who unloaded over $400,000 worth of shares. Board member Ronald Sugar, the former CEO of Northrop Grumman, purchased an additional $952,000 of Uber shares to be held by his trust.
Before SoftBank gave shareholders an option to sell their stock during a January 2018 funding round, Kalanick was known for having never parted with any of his Uber shares. He sold around a billion dollars’ worth during the SoftBank transaction in January 2018, seven months after he was forced out of the company. He’s since put at least some of that money to work, launching his 10100 Fund to invest in job creation and the future of cities.
He’s currently CEO of CloudKitchens, a startup that builds “ghost kitchens” for restaurant delivery. According to the Wall Street Journal, Kalanick has invested over $300 million of his own funds into the company and raised an additional $400 million from Saudi Arabia for the venture. A representative for Kalanick did not respond to a request for comment.