Uber’s outgoing CFO dumps $4.5 million in stock

Uber’s outgoing CFO dumps $4.5 million in stock

Nelson Chai shed about a quarter of his Uber holdings

Uber Technologies Inc.’s outgoing chief financial officer sold about a quarter of his holdings in the ride-hailing company earlier this week, a recent disclosure shows.

Nelson Chai dumped 100,000 shares of Uber UBER, +1.78% Monday at an average price of $45.05, according to a filing with the Securities and Exchange Commission that was released Tuesday. He pocketed $4.5 million from the sale.

Chai continues to own about 292,000 shares of Uber directly.

Uber didn’t immediately respond to MarketWatch’s request for comment from the company or Chai.

The ride-hailing giant announced alongside its latest earnings report that Chai plans to leave Uber effective Jan. 5. “I’m incredibly proud of the progress we’ve made, and Uber is well positioned to drive tremendous value for shareholders in the coming years,” he said in the Aug. 1 report.

Shares of Uber have enjoyed a sharp rally to start the year, rising nearly 80% so far in 2023. They’re off fractionally in Wednesday’s premarket action.

Chai’s sale of Uber shares contrasts with a more bullish recent signal from the chief executive of rival Lyft Inc. LYFT, -0.83% David Risher, the new CEO of Lyft, disclosed his purchase of $1.15 million in Lyft shares earlier this month, calling it “the best investment I could make.”

Lyft shares are down 2% so far this year and off 85% from their initial public offering price of $72.

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