Uber co-founder and former chief executive officer Travis Kalanick is resigning, the company confirmed on Tuesday. The announcement comes after Kalanick sold off more than 90% of his shares in the company. Needless to say, there's a lot happening at Uber and it seems nothing is going right for the company.

Kalanick's departure certainly is a big setback for the company. The news comes at a time when the drive-hailing company is reeling under pressure in a number of countries over concerns of the safety of the rider and multiple other issues including non-compliance with competition rules.

Kalanick sells off all his stake in Uber

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Kalanic will step down from the board formally on December 31, said an Uber spokesperson. The announcement was made after Kalanick sold off majority of his shares in the company after the lock up on the shares expired.

It is still not clear how much worth of shares does Kalanick have in the company. However, per the latest filings, it is expected to be around $2.5 billion. "Uber has been a part of my life for the past 10 years. At the close of the decade, and with the company now public, it seems like the right moment for me to focus on my current business and philanthropic pursuits," said Kalanick in a release.

"Very few entrepreneurs have built something as profound as Travis Kalanick did with Uber. I'm enormously grateful for Travis' vision and tenacity while building Uber, and for his expertise as a board member. Everyone at Uber wishes him all the best," said Dara Khosrowshahi, Uber's CEO, in a statement. However, Khosrowshahi didn't say anything on who will replace Kalanick in the company's board.

End of a long association

Uber
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It has been a long journey for Kalanick. He co-founded the company in 2010 and was also the chief executive officer of the company. However, he was ousted as CEO in 2017 after it was being said that he created an unhealthy workplace environment. Kalanick, however, continued to be on the board.

Kalanick strategically started selling his shares in the company in November after the lockup period expired. A number of other top executives too had started selling their stakes in the company but not as aggressively as Kalanick. Perhaps, that was one of the indications that he would soon be severing ties with the company he founded.