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Uber co-founder, Travis Kalanick sells half a billion dollar worth of company's stocks

The sale comes just days after the company reported a $ 1.2 billion loss in the third quarter of this year

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  • Prior to that, Kalanick owned 5.8% of Uber’s share capital;
  • He still directly owns more than 75 million shares in Uber.

Travis Kalanick, one of the co-founders of Uber Technologies, sold more than half a billion dollars worth of stock last week after the company’s lockup period expired. According to CNBC, with the end of the public offerings’ lock-up period (a phase that prohibits movements just after the IPO to avoid speculation) last week, the company’s former chief executive officer sold about a quarter of his stake (20 million stocks), raising about $ 547 million.

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Prior to that, Kalanick owned 5.8% of Uber’s share capital, according to consultancy FactSet. Kalanick still directly owns more than 75 million shares in Uber. The sale comes just days after the company reported a $ 1.2 billion loss in the third quarter of this year.

While the company’s revenue grew 30% compared to the same period last year to $ 3.8 billion, costs also advanced 33% to $ 4.92 billion.