|
 (Bloomberg) -- Travis Kalanick's November selling spree has almost reached $1.5 billion.The Uber Technologies Inc. co-founder sold about $578 million of stock over three days this week, extending a series of transactions since a lockup ended Nov. 6. More disposals may be coming, with a Nov. 11 filing signaling Kalanick could offload his entire stake.The 43-year-old's holding in the ride-hailing company now constitutes far less than half of his $3.3 billion fortune. The shift started even before Uber's May listing, with Kalanick participating in private transactions after he was ousted as chief executive officer in 2017."While it is usual to see directors with such a high-value holding selling regularly, Kalanick's sales are unusually high," said Michael Tindale, CEO of Smart Insider, which tracks and analyzes stock transactions by directors and senior managers.A spokeswoman for Kalanick has declined to explain the sales, and Uber's press office didn't immediately respond to an emailed request for comment.Other insiders also have reduced holdings, though not on the scale of Kalanick, who has ditched more than half his stake since the lockup expired. Co-founder Garrett Camp has sold about $20 million of shares this month, a fraction of his $2 billion stake.Kalanick's actions underscore his focus on other investments even as he remains a director of Uber. 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 fund will handle Kalanick's for-
|
|
European Central Bank President Christine Lagarde called for greater public investment in the 19-nation eurozone to help rebalance the bloc's economy away from exports, in her first public speech since taking over from Mario Draghi earlier this month.
|
RELATED ARTICLES | | |
|
 Goldman Sachs became the first major investment bank to cut its target price for Westpac Banking Corp on Friday as Australia's No.2 lender faces allegations of massive breaches of anti-money laundering laws and billions of dollars in fines.
|
|
 Eli Lilly & Co. said Wednesday that it will create 100 new jobs in Indianapolis as it invests $400 million in its manufacturing facilities at its Lilly Technology Center campus. The drug maker said its plans are a result of increased demand for its medicines and for the production of additional capacity for future medicines, and are helped by having more capital available as a result of tax reform. "These investments support our manufacturing capabilities in Indianapolis, including additional capacity and technology upgrades to our active ingredient, syringe filling, device assembly and packaging operations," said Myles O'Neill, president of manufacturing operations. "All of these projects support Lilly's investment in next generation manufacturing and feature high levels of automation, robotics, new technologies and advanced data analytics." The stock, which was still inactive in premarket trading, has slipped 0.5% year to date, while the SPDR Health Care Select Sector ETF has climbed 13.0% and the S&P 500 has advanced 24.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
|
|
Private Label