Uber’s Kalanick will sell 21 percent of its stake after the share lockup has expired

FILE PHOTO: Former Uber Technologies Inc in. CEO and co-founder, Theo Kalanick take a walk on the floor of the New York Stock Exchange (NYSE) while the company’s initial public OFFERING in New York, New York, USA, on 10 May 2019. REUTERS/Andrew Kelly

(Reuters) – Uber Technologies Inc. UBER.(N) is a co-founder and former chief executive, Travis Kalanick, has been sold for nearly 21% of the equity interest in the trip from a company after the expiration of the so-called ” lock-up period, a regulatory filing on late Friday showed.

Kalanick sold more than 20 million shares, worth about $547 million, according to the filing.

He is still the owner of over 75.4 million of shares in Uber, valued at more than $2 billion, based on Friday’s close.

The shares of the Uber-hit a record low of $25.58 on Wednesday, when the trade restrictions of the majority of the company’s 1.7 million outstanding stock options were cancelled.

The San Francisco-based company’s shares were down 2.2%, to $26.44 in the centre of the market on Monday. They have tumbled about 41%, since it is on the market in mid-May.

Reporting Akanksha Rana, Bengaluru; Editing by Sriraj Kalluvila

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