Uber IPO: Former CEO Travis Kalanick to earn billions

By UberFOXBusiness

Uber files for initial public offering

Uber officially filed for an initial public offering on Thursday.

Uber co-founder Travis Kalanick stands to earn billions of dollars when the ride-sharing company goes public, despite resigning as CEO in 2017 amid a series of scandals.

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Kalanick, 42, holds a roughly 8% stake in Uber and still sits on the company’s board of directors. If Uber goes public with a $100 billion valuation, as it is widely expected to do, Kalanick’s shares would be worth roughly $9 billion.

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"Mr. Kalanick was selected to serve on our board of directors because of his experience as one of the co-founders and early leaders of our company, and as such, his extensive knowledge of our business, and his innovation, technology, and high-growth experience, as well as his consumer and digital experience,” Uber said in an S-1 filing declaring its intention to go public.

Kalanick served as Uber’s CEO from its founding in 2010 through 2017, when he resigned from the position amid a series of missteps, including allegations of sexual harassment and discrimination in the workplace, and a federal probe into the company’s business practices. Kalanick was replaced by Dara Khosrowshahi, the former CEO of Expedia.

Uber will trade on the New York Stock Exchange under the ticker “UBER.” The company said it generated  $11.3 billion revenue in 2018, but acknowledged an adjusted loss of $1.8 billion and warned that it “may not achieve profitability” in the future.

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SoftBank is Uber’s largest shareholder, with a roughly 16% stake in the company that would be worth an estimated $16 billion. Garrett Camp, who co-founded Uber alongside Kalanick, owns a 5% stake.

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