Uber co-founder Travis Kalanick has unloaded over $1.7B of stock
Kalanick cashed out another $250 million over the past week
Travis Kalanick has continued to dump Uber shares over the past week.
The Uber co-founder has sold 8.4 million shares of the ride-hailing company since Friday, cashing out another $250 million, a filing with the U.S. Securities and Exchange Commission showed.
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Kalanick has sold more than $1.7 billion worth of Uber shares since Nov. 6, when the initial-public-offering lockup period expired. It is unclear what Kalanick plans to do with the proceeds.
He did not immediately respond to FOX Business’ request for comment.
Kalanick, who stepped down as CEO in June 2017 amid scrutiny of the firm's handling of harassment and discrimination complaints, still owns more than 36 million shares of the company, worth more than $1.07 billion at Tuesday’s closing price of $29.53 a share.
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 less than $50 billion.
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Shares are down 35 percent since the May 10 IPO.