Uber CEO Dara Khosrowshahi buys shares and Tesla CEO Elon Musk sells them.
Sales of shares by CEO Elon Musk have had investors buzzing about corporate insider trading. But not all transportation CEOs sell.
(ticker: UBER) CEO Dara Khosrowshahi on Monday bought $ 9 million worth of shares in his company. Although the reopening saw a pickup in Uber’s ridesharing business, the stock struggled, down around 14% in 2021 and trading below its initial public offering price of 45. $ in 2019.
Earlier this month, Uber reported its first quarterly profit on adjusted earnings before interest, taxes, depreciation and amortization, or Ebitda. However, using generally accepted accounting principles, he still recorded a net loss of $ 2.4 billion. The company attributed the GAAP loss to an unrealized pre-tax loss of $ 3.2 billion from its stake in the Chinese rideshare company.
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Khosrowshahi bought 200,000 shares at an average price of $ 44.92, according to a filing with the Securities and Exchange Commission. He now has about 1.18 million. This was his first purchase of shares on the open market since buying 250,000 in November 2019.
Uber did not return requests for Barron solicit feedback from the company or the executive.
The purchase of Khosrowshahi helped push Uber stock on Tuesday, but only fleetingly. Tesla (TSLA) stock, on the other hand, has mostly held up because Musk disclosed a series of stock sales, after conducting a Twitter poll in which users voted to sell him 10% of his stake. . Keep in mind that he also exercises stock options that are about to expire, so his sales will ostensibly help pay the option taxes.
Write to Connor Smith at [email protected]