Uber CFO Sells 100,000 Shares, Raising $4.5 Million


Uber Technologies Inc.’s outgoing chief financial officer, Nelson Chai, recently sold 100,000 shares of Uber at an average price of $45.05, according to a filing with the Securities and Exchange Commission. This sale earned Chai a total of $4.5 million. Despite this transaction, Chai still retains ownership of approximately 292,000 shares of Uber directly.

The announcement of Chai’s departure from Uber by January 5 was made alongside the company’s latest earnings report. In the report, Chai expressed his pride in the progress that has been made by Uber and stated that the company is well-positioned to provide significant value to its shareholders in the coming years.

Since the start of the year, Uber’s shares have experienced a significant increase of nearly 80%. However, they have slightly declined in Wednesday’s premarket action.

In contrast to Chai’s share sale, the chief executive of rival company Lyft Inc., David Risher, recently disclosed that he purchased $1.15 million worth of Lyft shares, referring to it as the best investment he could make. Despite this positive development, Lyft’s shares have fallen 2% this year and are down by 85% from their initial public offering price of $72.

Opinion: Uber’s Remarkable Turnaround and a Potential Ride-Share Price War

Despite challenges in the ride-hailing industry, Uber has successfully transformed itself into a profitable business. This accomplishment can be attributed to various factors, including strategic decisions and operational improvements.

In contrast, Lyft is facing its own set of challenges, evident from the decline in its share price since its IPO. A potential price war between Uber and Lyft may negatively impact Lyft’s position in the market.

Overall, both companies are working towards providing reliable transportation services while striving to secure a stronger position within the industry. Only time will tell which company will emerge victorious in this highly competitive market.

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