Uber co-founder Travis Kalanick will quit the company’s board of directors effective Dec. 31. After selling up to $2.4 billion of his stock, investors are pretty worried about the direction of the company after his exit.
“Uber has been a part of my life for the past 10 years,” Kalanick said in a statement. “At the close of the decade, and with the company now public, it seems like the right moment for me to focus on my current business and philanthropic pursuits.”
Kalanick said that he is “proud of all that Uber has achieved” and that he will “continue to cheer for its future from the sidelines.”
He has sold more than 90 percent of his Uber shares, worth over $2.5 billion, in less than 2 months.
Uber priced its May 10 initial public offering at $45 a share, giving the company a valued at $82b a Shares have fallen nearly 33 percent since, lowering the company’s market capitalization to $51.7 billion.
Kalanick resigned as CEO in June 2017 after some of the company’s biggest investors scrutinized the firm’s handling of harassment and discrimination complaints. He recently started CloudKitchens, a provider of smart kitchens for delivery-only restaurants.