Uber's CEO is spending millions on shares as Travis Kalanick cashes out (UBER)
- Uber CEO Dara Khosrowshahi spent $6.7 million on shares of the company on Monday, November 18, SEC filings show.
- Khosrowshahi now holds 1.53 million Uber shares, roughly 0.09% of the stock outstanding.
- The purchase comes as co-founder Travis Kalanick cashes out. The former CEO has sold $882 million in Uber stock since the company's post-IPO lockup expiration on November 6.
- Watch Uber trade live on Markets Insider.
Just as cofounder Travis Kalanick cashes in his Uber stock, the company's new CEO is buying more shares.
Dara Khosrowshahi, Uber's chief executive, spent $6.7 million for 250,000 shares of the ride-hailing company at $26.75 per share on Monday, according to a filing with the Securities and Exchange Commission. He now holds 1.53 million shares of Uber, roughly 0.09% of the shares outstanding.
Uber declined to comment on the share purchases.
Kalanick, on the other hand, has sold more than $882 million worth of Uber shares since the company's post-initial public offering lockup expiration on November 6. He's done this in three separate installments, with the most recent concluding this week. Even after the sales, Kalanick still owns more than 65 million Uber shares, of 3.82% of total outstanding stock.
The expiration date, 180 days after Uber listed on the public market, prompted a massive sell-off that sent the company's shares to record lows. And, insiders continue to sell, including soon-to-be former Chief Product Officer Manik Gupta, Chief Accounting Officer Glen Ceremony, and co-founder and board member Garrett Camp.
Since Khosrowshahi purchased the extra shares, Uber stock has risen roughly 10%, including gains during the day Thursday. Khosrowshahi, who left Expedia in 2017 to take the top job at Uber, owns other shares of the company acquired through awards of restricted stock units that have not all vested, according to Barron's.
Uber has lost roughly 38% year-to-date through Wednesday's close.