The once CEO of Uber has sold all his shares and left the board of directors. Travis Kalanick sold 100% of his stock and resigned from the board after a 2 year power struggle to reduce his influence over the company.
Travis Kalanick was a publicity nightmare for the company. Several years ago, he was caught on film verbally abusing an Uber driver and received multiple allegations of sexual harrassment and discriminatory practices.
Uber is well run by current CEO Dara Khosrowshahi who is positioning the company to be the world leader in ride sharing and food delivery.
So what does Kalanick’s divesture mean for the company in the long run? Nothing.
In fact, I feel it’s a positive sign for the future since Uber is dealing with fewer distractions from the former CEO.
While he has aspirations to return as future CEO someday, I find it hilarious that he compares himself to Steve Jobs. Jobs changed technology for the entire world while Kalanick only took the taxi business and put it on a smartphone app. You cannot compare these two in the same sentence. It makes me cringe when I hear this comparison.
Disclosure: I’m long UBER shares and seriously considered it a strong buy. The more negative news, the better since I don’t expect Uber shares to remain cheap for much longer. This is a once in a lifetime opportunity to own the stock.
Tarik Pierce is the founder of InvestorTrip.com and regularly contributes articles to this website.
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