Once considered the world’s most valuable startup, Uber ousted co-Founder Travis Kalanick after a series of management scandals in 2017.
Kalanick resigned today after selling more than 90% of his stock holdings for more than $2.5 billion. In response, Uber’s stock price climbed just over 1% on Tuesday, although it still has not regained the public offering price of $45 per share. The company’s stock price has been volatile since its massive IPO this quarter.
"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 in a prepared statement. "I'm proud of all that Uber has achieved, and I will continue to cheer for its future from the sidelines."