Former Uber CEO Travis Kalanick is leaving the company's board after selling billions of dollars worth of stock
The former CEO's exit from the board will be effective December 31, Uber said in a Tuesday morning, adding that Kalanick will move on to"focus on his new business and philanthropic endeavors."
offloaded nearly 2.4 million shares on December 19, bringing his total stake down to about 5.8 million. Kalanick held 22.6 million shares at the start of November before he began rapidly scaling down his holdings. Since being pushed out of the CEO role in 2017, Kalanick has moved on to helm CloudKitchens, a startup that turns commercial space into leasable kitchens for delivery-only restaurants. He spent $300 million to fund the firm, and received an additional $400 million investment from Saudi Arabia's sovereign-wealth fund in January. The kingdom's investment pegs CloudKitchen's value at $5 billion.
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