Shares of ride- and food-hailing app Uber (UBER) - Get Report fell in light, pre-holiday morning trading on Monday after co-founder and former CEO Travis Kalanick sold more than $2.5 billion worth of stock in the past six weeks, almost his entire stake.
According to public filings, Kalanick has been systematically selling his shares since Nov. 6, when the lockup period for insiders and others to hold their shares expired. He sold an additional $383 million of shares last week; his remaining stake is worth approximately $250 million.
While no reasons were given for his decision to sell the stock, speculation ran the gamut on why now, ranging from a vote of no confidence in current management to cashing out at what Kalanick may see as a top valuation for the shares as he looks to raise cash for his next venture, CloudKitchens.
CloudKitchens is focused on creating generic kitchens in cities around the world that restaurants can rent capacity in to create food for delivery.
Either way, Kalanick's stock fire-sale is likely to raise questions about his status as an Uber board member. Other former executives, including co-founder Garrett Camp, have sold shares as well, but not at the same scale as Kalanick.
Investors have not been kind to so-called unicorn initial public offerings this year, with Uber being no exception. Since going public at $45 a share, Uber has lost more than a third of is value.
Shares of Uber were down as much as 1.12% at $30.11 in morning trading before rebounding. At last check, the stock was up 0.15% at $30.50.