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Kalanick Set To Liquidate Entire Uber Stake After $2.5 Billion Dump
12-20-2019, 08:03 AM,
#1
Kalanick Set To Liquidate Entire Uber Stake After $2.5 Billion Dump
Kalanick Set To Liquidate Entire Uber Stake After $2.5 Billion Dump

<span property="schema:name" class="field field--name-title field--type-string field--label-hidden">Kalanick Set To Liquidate Entire Uber Stake After $2.5 Billion Dump</span>

<div property="schema:text" class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Uber's former chief executive Travis Kalanick has dumped 90% of his stock since the ride-hailing app's initial public offering in May. Most of the <a href="https://www.zerohedge.com/markets/travis-kalanick-dumps-20-uber-stake-after-lockup">unloading</a> came in the last two months, where Kalanick dumped $2.5 billion worth. The <a href="https://www.ft.com/content/6f3fa7e6-2291-11ea-b8a1-584213ee7b2b">Financial Times</a> says the "scale and pace of his share sales" has suggested that Kalanick is on track to liquidate his entire position in the coming weeks.</p>

<p>Kalanick has used the proceeds to fund a new project called CloudKitchens, a real estate development firm that leases space to restaurants serving food delivery apps. SEC filings show Kalanick sold $383m worth of Uber stock this week. His remaining position is now worth $250 million, expected to be dumped by as early as next week.</p>

<p>Since peaking in June, Uber shares have lost nearly 43% of its value, likely following Kalanick's lead as confidence in the company to make money is dim.</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-12-20_05-41-38_0.png?itok=i8ZJdFQq" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-12-20_05-41-38_0.png?itok=i8ZJdFQq"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-12-20_05-41-38_0.png?itok=KdxZAcx- 1x" media="all and (min-width: 1280px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-12-20_05-41-38_0.png?itok=KdxZAcx- 1x" media="all and (min-width: 480px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-12-20_05-41-38_0.png?itok=KdxZAcx- 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...ok=KdxZAcx- 2x" media="all and (min-width: 1024px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-12-20_05-41-38_0.png?itok=KdxZAcx- 1x" media="all and (min-width: 768px)" type="image/png"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2019-12-20_05-41-38_0.png?itok=i8ZJdFQq 1x" type="image/png"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="fd723520-2e6d-44b4-b260-767435784e17" data-responsive-image-style="inline_images" height="248" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-12-20_05-41-38_0.png" alt="" typeof="foaf:Image" /></picture></a></p>

<blockquote>
<p>"When insiders, current and past, sell, they normally signal bad news," said Meziane Lasfer, professor of finance at City University's Cass Business School. "The market is likely to follow him."</p>
</blockquote>

<p>Kalanick's selling spree has occurred under the Rule 10b5-1 plan, which is a pre-determined selling plan so executives can dump their shares without suggesting controversy or ahead of bad news.</p>
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<span rel="schema:author" class="field field--name-uid field--type-entity-reference field--label-hidden">
<a href="https://www.zerohedge.com/users/tyler-durden">Tyler Durden</a>
</span>
<span property="schema:dateCreated" content="2019-12-20T11:58:33+00:00" class="field field--name-created field--type-created field--label-hidden">Fri, 12/20/2019 - 06:58</span>

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