Uber says co-founder Travis Kalanick to leave company's board

Uber co-founder Travis Kalanick has sold 90 per cent of the shares he owned in the company

Uber co-founder Travis Kalanick has sold 90 per cent of the shares he owned in the company

Travis Kalanick will leave the board of directors of Uber Technologies at the end of the year, the company said on December 24.

"Very few entrepreneurs have built something as profound as Travis Kalanick did with Uber".

After Kalanick's ouster, former Expedia CEO Dara Khosrowshahi was brought on as Uber's chief executive to clean up its image and steer the company to its stock market debut in May.

Earlier in May, the company completed a public stock offering at $45 a share, which gave the company a valuation of about $82 billion.

The shares worth around $383 million were sold in installments between Monday to Wednesday, priced between $29.8 and $30.1, the filing says. Needless to say, there's a lot happening at Uber and it seems nothing is going right for the company. Kalanick has since made a play in the on-demand food industry that his former company helped jump-start with CloudKitchens, a startup focused on picking up cheap properties and turning them into restaurant operations without a counter, seating or walk-in service designed exclusively to fill demand for courier-based restaurant delivery apps.

He will depart Uber's board of directors by the end of the year, the company said on Tuesday.

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Uber shares, which have fallen more than 25 percent since the company went public in May, rose on Tuesday in a holiday-shortened session.

At the time, Uber was also the target of an investigation by the US Department of Justice over trade secret theft in connection to its self-driving unit.

The announcement comes as Kalanick continues liquidating his position in Uber stock.

Shares were up 1.18% in late-morning trading.

He created a fund called 10100 in March 2018, saying in a tweet it would focus on his "passions, investments, ideas and big bets". The company was grappling with accusations of discrimination and sexual harassment, as well as scrutiny of questionable business decisions such as its development of a system that blocked city inspectors from booking rides.

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