Uber's former CEO Travis Kalanick offloads another $171 million in stock as his massive sell-off continues

The sale further distances Kalanick's portfolio from the company he founded. He's sold more than $882 million of shares to date.
Kalanick still holds roughly $1.8 billion worth of Uber stock, with the stock trading around $27 a share on Tuesday.
The former Uber chief has moved on to lead CloudKitchens, a startup that rents out kitchen space to delivery-only restaurants.
The business received a $400 million investment from Saudi Arabia's sovereign-wealth fund in January, the Wall Street Journal first reported on November 7. The investment valued CloudKitchens at about $5 billion.
Watch Uber trade live here .

Former Uber CEO Travis Kalanick sold another $171 million worth of stock from Thursday to Monday, further liquidating his position in the company he founded.

Kalanick offloaded roughly 6.4 million shares over three sales, at an average price of $26.55 per share, according to a Monday SEC filing . His combined sales to date now ring in at more than $882 million.

The former CEO sold $547 million worth of stock in the first week of November , and an additional $164 million worth of stock between November 11 and November 13 .

Kalanick still holds more than 65 million Uber shares. The position equates to 3.82% of the company's outstanding stock, and was worth approximately $1.8 billion as of Tuesday morning, with Uber trading near $27 a share.

Kalanick's sales come after Uber's lockup period ended on November 6. Lockup phases keep early investors from selling shares immediately after an initial public offering. The 180-day window's expiration prompted a massive sell-off by initial investors in the rideshare company and pushed Uber's stock to record lows .

Since resigning from Uber in June 2017, Kalanick has his attention to other projects. The 43-year-old now helms CloudKitchens, a company that rents commercial space and turns it into leasable kitchens for delivery-based restaurants. The former CEO spent $300 million to fund the startup.

CloudKitchens received a major backing from Saudi Arabia in January , with the kingdom's sovereign-wealth fund sinking $400 million into the startup. The investment valued CloudKitchens at about $5 billion.

The Wall Street Journal first reported on the Saudi investment on November 7.

Uber has 26 "buy" ratings, 11 "hold" ratings, and one "sell" rating from analysts, with a consensus price target of $45.15, according to Bloomberg data.

The company's stock has declined roughly 40% since going public in May.

Now read more markets coverage from Markets Insider and Business Insider:

Kohl's plummets after slashing its profit forecast for the 2nd time this year

A professor specializing in drug crime used his knowledge to launder $2.5 million of dirty Venezuelan money, federal prosecutors claim

The top 18 talent agents for YouTube creators who are changing the influencer business and landing deals for their clients

NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption

Uber's former CEO Travis Kalanick offloads another $171 million in stock as his massive sell-off continues

FOLLOW BUSINESS INSIDER AFRICA

Recommended articles

Best live dealer casino: Top USA live casinos online

Best real money online casinos USA: Top 10 casino sites in 2024

OPEC excited about partnership with Namibia

The US loses to Russia and China in popularity across Africa

Top 10 most valuable South African brands in 2024

Africa's giants play tug of war for the top economic spot

Morocco is making giant strides to become Africa's aviation manufacturing hub

Hackers test their ransomwares in less protected regions like Africa before striking richer nations: Report

Top social media platforms used for agriculture in Kenya - Survey