Travis Kalanick has severed his last ties to Uber, after selling all of his shares and resigning from the board of the ride-hailing giant he co-founded back in 2009.
Kalanick stepped down from Uber’s CEO position in 2017, following a series of scandals and mounting pressure from investors that demanded his resignation. Uber said that he’ll also depart their board of directors by the end of the year.
Related: Travis Kalanick Cashing Out On Uber’s Shares At Lightning Pace, Dumps Another $166 Million
Reuters reports that Kalanick has sold his entire stake in the company, worth roughly $3 billion, with the final regulatory form to be filed today, Tuesday December 26.
“Very few entrepreneurs have built something as profound as Travis Kalanick did with Uber. I’m enormously grateful for Travis’ vision and tenacity while building Uber, and for his expertise as a board member. Everyone at Uber wishes him all the best,” said Dara Khosrowshahi, Uber’s CEO.
“Uber has been a part of my life for the past 10 years,” Kalanick said. “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. I’m proud of all that Uber has achieved, and I will continue to cheer for its future from the sidelines.”
Kalanick is currently working on a startup that wants to build industrial kitchens and lease space to restaurants, known as “CloudKitchens”. The company has already collected $400 million in funding from Saudi Arabia’s Public Investment Fund, as well as “several hundred million” of Kalanick’s own money, according to his spokeswoman.
Analysts welcomed the news of Kalanick’s departure from Uber; he was accused by company employees of fostering a toxic work culture that encouraged sexual harassment and bullying, not to mention he was caught on camera arguing with an Uber driver over fare charges.
