Uber Technologies Inc co-founder and former chief executive Travis Kalanick has sold nearly 21% of his stake in the ride-hailing company following the expiry of a so-called lockup period, a regulatory filing from late Friday showed, APA reports citing Reuters.
Kalanick sold more than 20 million shares, worth nearly $547 million, according to the filing.
He still owns about 75.4 million shares in Uber, worth more than $2 billion, based on their Friday closing.
Shares of Uber hit a record low of $25.58 on Wednesday, when trading restrictions on majority of the company’s 1.7 billion outstanding shares were lifted.
The San Francisco-based company’s shares were down 2.2% at $26.44 in morning trade on Monday. They have tumbled about 41% since the market debut in May.