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Uber Co-Founder Sold $3 Billion Shares and Steps Down

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Former Uber CEO Travis Kalanick will step down from the board, effective Dec. 31, and a spokesperson said Tuesday he has sold all of his shares in the ride-hailing company he co-founded 10 years ago and grew it into a controversial Silicon Valley giant.

The spokesman on said Mr Kalanick has sold his entire stake of roughly US$3 billion worth of shares in Uber. Mr Kalanick’s bellicose style turned Uber into the world’s largest ride-services company, revolutionised the taxi industry and challenged transportation regulations worldwide; launching in markets before officials were able to draft rules and regulations to keep the ride-hailing business in check.

Uber, based in San Francisco, transformed the way people get around and how they make a living, disrupting the taxi industry.

Uber stock has dropped more than 30 per cent since the loss-making firm went public in May as investors grow sceptical over the ride-hailing company’s business model and its ability to turn a profit.

When Mr Kalanick resigned in 2H of 2017, when Uber’s board of directors adopted a series of measures to shore up corporate governance, including a one vote per share policy. The company had been through a bruising six months during which employees accused the former CEO of fostering a toxic work culture that encouraged sexual harassment and bullying.

Kalanick was reportedly ousted as CEO in 2017 over concerns he had fostered an unhealthy workplace environment but remained on the board. He was at the New York Stock Exchange during the company’s IPO in May.

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