Uber co-founder and former CEO Travis Kalanick sold more than $2.5 billion worth of shares in the company in recent weeks, giving up more than 90 percent of his stake in the company, The Wall Street Journal (WSJ) reported Saturday.
According to the newspaper, if sales continue at this rate, Kalanick will no longer have shares in the transportation company in the next few days.
Uber’s former CEO began disposing of the shares in early November, shortly after six months had passed since the company’s IPO, a period when he and other initial investors were not allowed to sell shares in the market.
It is not yet known why Kalanick is selling his stake in the company he founded, which he was forced to leave in 2017 under pressure from investors following several internal scandals.
Kalanick resigned after being sued for fraud and was peppered with allegations of sexual harassment and discrimination within Uber.
The company went public last May in one of the largest public share offerings in the history of the technology industry.
Since then, its shares have lost 30% of their value, with the company unable to meet investors’ expectations.
Uber’s problems are a good reflection of the market’s concern about his inability to generate profits and the battles he has with various regulators.
In the last quarter, the technology company made a loss of about $1.2 billion, although it exceeded experts’ forecasts.
Kalanick, meanwhile, is developing a new business called CloudKitchens, which focuses on building kitchens in industrial spaces that are used by restaurants that deliver food to homes.