Tom Metcalf has the scoop at Bloomberg:
The Uber Technologies Inc. co-founder unloaded $350 million more of stock this month, bringing his proceeds to more than $2.1 billion since a share lockup ended Nov. 6.Bloomberg
You read that right –– retail bagholders have now paid the Uber founder $2.1 billion in cash for his share of the world’s biggest ridesharing company.
The 43-year-old’s remaining stake in the ride-hailing company now constitutes about a fifth of his $3 billionfortune, according to the Bloomberg Billionaires Index, down from about 75% before the lockup.Bloomberg
Smart move. I definitely wouldn’t want to have 75% of my net worth in Uber stock.
The stock has fallen 33% since Uber’s May public offering as investors question its path to profitability amid regulatory challenges and controversies about passenger safety and the rights of drivers.Bloomberg
Now that they’ve fired their founder I’m sure they’ll definitely turn it around. They’ll be profitable any year now!
A new California law is giving gig-economy workers the right to a minimum wage.Bloomberg
Yber also faces problems related to sexual assault and a fatal roadside incident involving a self-driving car in Arizona.Bloomberg
… That’s not good
The company has appealed a U.K. regulator’s decision last month revoking its license in London, starting what could be a years-long fight to protect its biggest European market.Bloomberg
The future looks bright!
The future looks bright for Uber as news breaks that founder Travis Kalanick sold $350 million worth of Uber stock in the last month. He has now sold Uber stock representing 55% of his net worth.Tweet