Uber Founder Raises Stock Sales to $ 1.7 Bln

Uber founder and former CEO Travis Kalanick continues to sell shares in his old company, surpassing $ 1.7 billion since the deregulation.

A disclosure to the US Securities and Exchange Commission, on Wednesday, revealed that the former CEO of the company participatory ride sold shares worth $ 250 million.

The latest operation has helped bring Kalanick's total sales since the start of the sell-off to about $ 1.71 billion.

The sale of shares by Uber founder follows a 180-day deregulation of early investors on 6 November.

Kalanick was ousted as CEO in 2017 after accusations of discrimination within Uber under his leadership.

After this latest sale, Uber founder currently owns about 36 million shares.

Uber closed Wednesday's session at $ 29.49, down more than 0.1 percent, while US financial markets are on holiday for Thanksgiving.

Uber’s stock has dropped to below $30 per share as of Wednesday, from $42 per share last May. The company’s market value is now  estimated at about $50 billion, down from $70 billion on its first trading day.

Kalanick’s recent sales may indicate his interest in other investments  and new venture CloudKitchens.