Uber co-founder Travis Kalanick unloaded millions of dollars more of his shares this month after his share lockup ended on Nov. 6, bringing his total sale so far to more than $2.1 billion.
Kalanick is taking money off the table at a crucial time for the ride-sharing giant. With investors reeling, competition growing, and the company posting $1 billion in losses over the past three months, Uber still has yet to prove a consistent, positive business model.
Touted as one of the best investments of the year, Uber is struggling to turn a profit after more than 3,000 reports of sexual assault last year, regulators in the United Kingdom revoked its license to operate in London, and workers across America demanded higher wages.
Though analysts have pointed to Uber Eats as a bullish indicator to invest in the yet-to-be-profitable company, Uber as a whole is down more than 30% since its IPO launched in May. Those who have profited most off of Uber’s performance have been short sellers, or traders who bet against a company’s success. Short sellers made more than $270 million dollars in two days when Uber posted underwhelming revenue reports in November.
Kalanick is not the only person limiting his exposure to markets at all-time highs. Garrett Camp, who co-founded the company with Kalanick, sold more than $30 million of his shares since the lockup period expired. In contrast, CEO Dara Khosrowshahi has purchased about $7 million worth of shares in the same time frame.
