According to reports by Business Insider, 180 million shares were sold during the offering which should have raised $12.8 billion for the company. The company had raised $8.6 billion through the IPO. Earlier this year, the company had opened its first day of trading with an initial public offering price of $45 but finished the day at $41.52 - down 7.7 per cent. The US-headquartered ride-hailing giant has been experiencing a rough year after a disappointing run at the New York Stock Exchange. According to reports, India is the top priority for Kalanick as the food tech space in India has been steadily growing. Launched in 2010, Uber may be best known for pioneering the ride-hailing. Last month, it was reported that Kalanick has been ramping up its hiring in India with an aim to grow his new venture. Uber Uber Technologies is an American app-based transportation platform headquartered in San Francisco, California. He had acquired a majority stake in City Storage Systems for $150 Mn using the investment fund he set up from $1.4 billion stock sale from Uber. According to reports, nine months after he resigned from Uber, Kalanick forayed into delivery-only kitchen segment and took up the responsibilities of CEO of City Storage Systems which was formerly called, CloudKitchens. Kalanick who co-founded Uber in 2009, resigned from his post of CEO in 2017 after a series of scandals and controversy and sexual harassment allegations. On the other hand, Kalanick might also have plans to completely exit Uber and focus on his new venture CloudKitchens. While the company is yet to issue any statement on this regard, quoting industry experts several media reports have said that this move can be interpreted as a vote of no confidence in current management and raising questions about Kalanick's status as an Uber board member. Currently, his remaining stake is worth about $250 million.Įntrepreneur India has reached out to Uber for further comments on the development. He reportedly sold 7.8 million shares on December 16 alone. ShutterstockĪccording to recent media reports, Kalanick offloaded another $383 million worth of shares last week within December 16 and December 18. If the selling streak continues at this rate, Kalanick will completely exit his stake in the company within a few days. According to a report by The Wall Street Journal, Kalanick has already offloaded more than 90 per cent of his stake worth $2.5 billion. After the post-IPO lockup period ended, Uber co-founder and former CEO Travis Kalanick has been on a sharing selling streak since early November.
0 Comments
Leave a Reply. |