Tech News
Uber just went public, and former CEO Travis Kalanick wasnt there to ring the bell
https://mashable.com/article/uber-ipo-starts-trading-travis-kalanick-ceo/
Image: Richard Drew/AP/REX/Shutterstock
After a long and bumpy road, Uber is officially a public company.
The company started publicly trading on the New York Stock Exchange on Friday morning. Notably absent at the bell-ringing ceremony was the company’s controversial co-founder and ousted CEO, Travis Kalanick, who wasn’t invited.
It looks like current CEO Dara Khosrowshahi doesn’t want to relive Uber’s early days, when it earned a nasty reputation for its cut-throat, sexist, and harassment-riddled corporate culture. Now, Khosrowshahi is pushing a “do the right thing” mentality, as he looks beyond ride-hailing toward food delivery, bike- and scooter-sharing, and even flying taxis.
While Kalanick wasn’t on the balcony, he did get to savor the event on the NYSE floor with his father, where we was, according to Mike Isaac of the New York Times, greeted with applause. However, it looks like Kalanick left the building before the first Uber trade.
Travis Kalanick arrived around 830, with his father, walked NYSE floor together.
There was a moment when Garrett camp, Ryan Graves and TK all met. Travis’ entrance was met with enormous applause.
whole event is crowded but also fairly muted thus far. (much desired from execs)
— rat king (@MikeIsaac) May 10, 2019
Real Life. Real News. Real Voices
Help us tell more of the stories that matter
Become a founding member
Uber shares opened Friday at $42, lower than the IPO price of $45. Kalanick owns 117 million shares of Uber stock, while Khosrowshahi holds just under 200,000.
Former CEO of Uber, Travis Kalanick, during better days when he was still running his company in 2016.
Image: Michael Kovac/Getty Images for Vanity Fair
Kalanick has moved on with his own investment fund, 10100 Fund. But he’s still clearly connected to Uber (he testified just over a year ago during the Uber v. Waymo trade secrets trial).
Smaller rival Lyft went public in March, beating Uber to the punch, although it only operates in the U.S. and Canada. Uber is available in more than 65 countries. Both are unprofitable. Lyft lost nearly $1 billion in 2018, while Uber lost $1.8 billion.
Subscribe to the newsletter news
We hate SPAM and promise to keep your email address safe
