Sorry, but at this level people don't make multi billion dollar decisions for spite. Also, "told to leave the board" doesn't mean anything - he's either voted out or not. He was previously kicked out as CEO, someone else is in charge, and he obviously doesn't believe leaving his capital there is a good use of his money.
I would think at his level it would be the opposite. He has FU money. They did kick him out of the company he made. Maybe he wants to tell Uber something.
It doesn't really make sense for him to do this, if his reputation is to carry with him to Cloud Kitchens. People would be quite wary of future business dealings. If "getting back" at Uber is acceptable, he may decide to "get back" at Cloud Kitchens -- in other words, it sets a bad precedent.
I don't think most people would sell 3.5 billion dollars worth of stock haphazardly to temporarily spite a group of people a little bit. At %4 per year you can spend $380,000 every day for the rest of your life. There are probably better ways to get even and even better things to do with your time and freedom.
Increasing supply of the stock combined with the knowledge that the founder, who is an insider and large shareholder, is selling stock puts downward pressure on the price which makes the board look like they mishandled the situation.
> There is nothing particularly strange about this. At one point—basically before June 2017—Kalanick was the founder-CEO of Uber and owned an appropriate amount of stock for a founder-CEO, and now he is not the founder-CEO and is working his way down to an appropriate amount of stock for a non-founder-CEO.
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> He has sold stock every day since the lockup expired. He has accounted for about 7.8% of Uber’s volume during that time
Great points, but it is highly unusual that someone in his situation would sell all of their stock so quickly. He probably couldn’t have sold it much faster.
