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Yahoo Finance's Jennifer Rogers and Myles Udland recap the day's market action....
(Bloomberg) -- Travis Kalanick sold about 20% of his stake in Uber Technologies Inc. last week.Kalanick, 43, a director at the ride-hailing company, sold 20.3 million shares worth about $547 million that were held in a trust, according to a regulatory filing on Friday.The trades came after a 180-day lockup period restricting insider and early investor sales following May’s initial public offering. They were among the large stake disposals last week that pushed the stock down to an all-time low.Uber has underwhelmed investors in the public markets so far. The shares have tumbled 40% since the IPO, reducing the San Francisco-based firm’s value from almost $76 billion at its listing to about $46 billion. They edged up 0.5% to $27.14 in New York trading Monday.Kalanick, who was ousted as Uber’s chief executive officer in 2017, remains one of tech’s richest entrepreneurs. Even after the sale, he still owns 78 million shares...
The new R&D company, which will work on designing and developing BEVs (including platform) and its related parts, is anticipated to be established in China in 2020. ...
