Ousted Uber CEO Travis Kalanick, now a virtual restaurateur, will attend Uber's stock exchange opening
Uber is about to drop its IPO, and Travis Kalanick wants a part of it.
Of course, the company's co-founder was ousted as its CEO amid a bevvy of issues in mid-2017, yet he's still reportedly going to show up when Uber goes public on the New York Stock Exchange on Friday morning — and he'll probably make a few billion dollars off its offering.
Kalanick dealt with some personal struggles and public company scandals before leaving the company amid a shareholder revolt. Dara Khosrowshahi took over as CEO, and so far hasn't shaken the company's shifty, workers'-rights-violating reputation. Still, Khosrowshahi is moving to take the company public on Friday, with a source telling CNBC that Uber will price its shares at $45. That would give it a massive $82.4 billion valuation.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
But no matter what Kalanick did to get Uber to that spot, he won't be allowed to ring the bell with Khosrowshahi on Friday morning, Axios reports. He and his father will instead be relegated to the stock exchange floor, Fox Business says.
That snub may have something to do with Kalanick's troubled tenure, but could also stem from the fact that his newest venture is pretty much a direct competitor with Uber Eats. He has a controlling stake in the company running CloudKitchens, which rents out kitchen space to chefs looking to run delivery-only food services, The South China Morning Post recently reported. Whatever the reasoning, Kalanick can exact revenge by picking up an estimated $9 billion thanks to the 8.6 percent share he still holds in Uber, TechCrunch notes.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Kathryn is a graduate of Syracuse University, with degrees in magazine journalism and information technology, along with hours to earn another degree after working at SU's independent paper The Daily Orange. She's currently recovering from a horse addiction while living in New York City, and likes to share her extremely dry sense of humor on Twitter.
-
Why it’s important to shop around for a mortgage and what to look forThe Explainer You can save big by comparing different mortgage offers
-
4 ways to save on rising health care costsThe Explainer Health care expenses are part of an overall increase in the cost of living for Americans
-
How to financially prepare for divorceThe Explainer Facing ‘irreconcilable differences’ does not have to be financially devastating
-
TikTok secures deal to remain in USSpeed Read ByteDance will form a US version of the popular video-sharing platform
-
Unemployment rate ticks up amid fall job lossesSpeed Read Data released by the Commerce Department indicates ‘one of the weakest American labor markets in years’
-
US mints final penny after 232-year runSpeed Read Production of the one-cent coin has ended
-
Warner Bros. explores sale amid Paramount bidsSpeed Read The media giant, home to HBO and DC Studios, has received interest from multiple buying parties
-
Gold tops $4K per ounce, signaling financial uneaseSpeed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B dealspeed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
New York court tosses Trump's $500M fraud fineSpeed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in IntelSpeed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
