Uber co-founder and long-time CEO Travis Kalanick has left Uber Severing his final formal ties with Uber
Uber co-founder and long-time CEO Travis Kalanick has allegedly left the company’s board on Tuesday after he sold off his last shares, thereby severing his final formal ties with the ride-sharing business that he drove to success.
In the year 2009, Kalanick co-founded Uber, then he took over as CEO the following year. After a series of missteps in 2017, investors ousted him from the top spot. There was in fact, revelation that he’d allowed a culture of bullying and harassment toward women to fester. He however, stayed on the board long enough so that he could help select his replacement, then he began selling off his stock earlier this year.
On December 20, the co-founder and former CEO of the ride-hailing giant allegedly sold his last 5.8 million shares of the company, worth more than $177 million. A series of filings showed that since Nov. 6, Kalanick has sold his entire stake, worth about $2.8 billion.
He has in fact completely severed his ties with Uber after he resigned from the company’s board of directors on Tuesday. However, his last day of service will be Dec. 31. In a statement, Kalanick said, “proud of all that Uber has achieved and will continue to cheer for its future from the sidelines.”
According to reports, Uber shares launched on the New York Stock Exchange on May 10, at a price of $45 apiece. However, the prices have fallen more than 30 percent since that has eventually lowered the company’s market capitalization from about $82 billion to $52 billion.
Kalanick had to put his resignation as Uber’s chief executive in June 2017 after some of the company’s investors scanned the handling of harassment and discrimination complaints against him. Well, he has recently started CloudKitchens, it is a provider of smart kitchens for delivery-only restaurants.