- Travis Kalanick now has fewer Uber shares than his fellow co-founder, Garrett Camp.
- Camp is expected to launch his Eco cryptocurrency beginning mid next year.
- Uber’s chair of its board is, however, playing contrarian with the stock.
Since the expiry of the lockup period last week, former Uber (NYSE: UBER) CEO Travis Kalanick has received the most attention after having disposed of a substantial stake. That does not mean he has been alone in exiting the mobility firm which has now lost nearly half its value since its IPO. For instance, the founder of the EcoCoin cryptocurrency Garrett Camp has disposed of hundreds of thousands of shares but has almost gone unnoticed.
According to an SEC filing, Camp, who also co-founded Uber with Kalanick, has sold 510,000 shares since the expiry of the lockup period on November 6th. Based on Thursday’s closing price of the share, this is a stake worth more than $13 million. Uber closed Thursday at a price of $26.02 per share.
Camp’s remaining stake in Uber is huge though as he has retained over 73 million shares. This is a stake worth over $1.9 billion at the current share price.
Camp announced plans for the EcoCoin cryptocurrency last year in March as an ‘easier, safer, and faster’ alternative to regular money. More than 20 months later, the cryptocurrency which is not to be confused with EcoCoin, a different entity, is yet to go live. A full launch is slated for the second half of next year.
Garrett Camp’s stake now bigger than Travis Kalanick’s
The stake Camp has sold is tiny relative to his more famous Uber co-founder. According to an SEC filing, Kalanick sold Uber shares every single day the stock market was open between the expiry of the lockup period and mid this week. Last week, Kalanick sold stock worth over $500 million. This week he has sold stock worth around $164 million.