Travis Kalanick severs all ties with Uber, departing board and selling all his shares

Travis Kalanick severs all ties with Uber, departing board and selling all his shares
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Former Uber CEO Travis Kalanick will step down from the board, effective Dec. 31, and a spokesperson said Tuesday he has sold all of his stock in the ride-hailing company he co-founded 10 years ago.

It’s unclear how much Kalanick’s total stake is worth, but the latest public filings show it’s about $2.5 billion.

In a statement Tuesday, Uber said Kalanick, 43, is leaving to “focus on his new business and philanthropic endeavors.” Kalanick is launching latest venture, CloudKitchens, which rents out space to restaurateurs for delivery-based businesses.

Uber did not say who will fill Kalanick’s board seat. An Uber spokesperson said the ride-hailing company has “strong director candidates to put forward at the appropriate time.”

Later, a spokesperson for Kalanick confirmed to CNBC that he has sold his entire stake in Uber.

Source: CNBC

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