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The Uber co-founder sold more than $578 million of stock this week alone, a Securities and Exchange Commission filing showed, continuing a series of transactions that have occurred since the initial public offering lockup expired on Nov. 6.
It is unclear what Kalanick, who gave up the role of CEO in 2017 amid scrutiny of the firm's handling of harassment and discrimination complaints, plans to do with the proceeds. He didn't immediately respond to FOX Business’ request for comment.
Kalanick still owns almost 45 million shares, or 2.6 percent, of the ride-hailing giant, worth more than $1.3 billion at Thursday’s closing price.
Dara Khosrowshahi, who succeeded Kalanick as CEO in August 2017, announced the purchase of 250,000 Uber shares on Monday. He now owns more than 1.5 million shares of the company, worth $45 million.
Uber priced its IPO at $45 a share, giving the company a valuation of about $82 billion – below the $100 billion that the riding-hailing company had targeted. Its market cap has since dropped to $50.25 billion.