First it was Travis Kalanick. Now Garrett Camp has sold or given away 33% of his stake in Uber. Is he planning to exit like his co-founder?
Uber’s (NYSE:UBER) Garrett Camp seems to be following in the footsteps of his more famous co-founder Travis Kalanick.
Since Kalanick disposed of his entire stake in the company and announced his exit from Uber’s board last month, Camp has reported 12 transactions. Combined with other transactions conducted since the expiry of the six-month lockup period, Camp now owns 24 million fewer UBER shares.
Before the expiry of the lockup period, Camp held 73,622,774 shares. He now remains with 49,638,608 shares. The latest transaction occurred on Jan. 23, according to an SEC filing.
Camp didn’t sell all his shares though as about a third were gifted to charity. Of the nearly 24 million Uber shares that are no longer in his hands, Camp gave away 7.7 million to an unknown organization. The total value of the gifted and sold shares is at least $620 million.
Kalanick earned a gross value of at least $2.5 billion after selling his entire stake. Had he waited this would have been significantly higher as Uber recovered from record lows. All the shares Camp sold this month fetched at least $32 per unit. That’s over 20% higher than the price Kalanick sold at.
Based on Thursday’s closing price, Camp’s remaining shares are worth nearly $1.9 billion.
Kalanick’s shares in the ride-hailing firm amounted to nearly 100 million. The more famous Uber co-founder is now focusing on a kitchens-for-hire startup known as CloudKitchens. In March 2018, he acquired a controlling stake in the startup’s holding company at a price of $150 million.
Camp is still a director at Uber. He’s also engaged in a cryptocurrency project called Eco, which aims to substitute cash and plastic.
Last August he wrote:
Eco’s goal was to create a new digital currency that focused on usability and could be used for everyday payments.
Eco is expected to go live in the second quarter of this year.
While Kalanick has exited and Camp has disposed of a significant portion of his Uber stake, there are insiders who are doing the opposite.
In early November, Uber chairman Ronald Sugar bought 35,000 shares for nearly $1 million. The stock was then priced below $30. At current prices this would earn Sugar nearly $400,000 if he were to sell. Sugar now holds slightly over 200,000 Uber shares.
CEO Dara Khosrowshahi also acquired shares of the ride hailing firm after the expiry of the lockup period. Per an SEC filing, Khosrowshahi bought 250,000 shares around mid-November for approximately $6.7 million. The CEO bought below $30 as well. He’s currently enjoying paper profits of nearly $3 million.