The Uber cofounder Garrett Camp cashed out roughly $13 million of his massive stake in the company this week, according to regulatory filings with the Securities and Exchange Commission.
The sale of 8,462,352 shares was worth $13,538,023, the filing shows, and will still leave the entrepreneur with a roughly 4.75% stake in the company. Camp also sits on the board, and he remains the largest individual shareholder after Japan’s SoftBank and the venture-capital firm Benchmark, according to Bloomberg data.
Travis Kalanick, the Uber cofounder who was ousted as CEO, began selling some of his stake as well last week, on a much grander scale. Kalanick, who’s working to build a “virtual restaurant,” or delivery-only kitchen business, sold $711 million worth of shares.
The sales by Camp and Kalanick came after the expiration of Uber’s “lockup period,” a set amount of time that’s common in initial public offerings in which insiders are not allowed to sell their shares in the company. When Uber’s period expired last week, heavy selling sent the stock down some 9% to record lows.
And as Uber fights to turn its first profit in the face of that falling stock price, the company looks very little as it did 10 years ago when Camp self-financed some of the company’s first rounds. “UberCab” wasn’t always a network of more than 2 million drivers providing rides at the tap of a button in 165 countries.
Instead, in those days of August 2008, the dream of a “next generation car service” was merely a slideshow presentation on Camp’s computer.
Business Insider has covered the original pitch deck before, when Camp first published it on Medium in 2017, but we felt it deserved a fresh look in light of a the company’s underwhelming May initial public offering, the launch of its freight business, an aggressive push into food delivery, flying cars, autonomous vehicles, and more.
Here’s how the founders envisioned Uber 10 years ago: