Uber Stock Jumps as CEO Bets $10M of His Own Cash on a Rebound
TLDR
- Uber CEO Dara Khosrowshahi bought 141,000 UBER shares at $70.96 each, spending around $10 million
- The Form 4 filing triggered an immediate 3% intraday pop; UBER closed up 2.1% at $72.56
- COO Andrew Macdonald also bought 70,000 UBER shares for $5.3 million on September 4
- UBER is down 11% this year on fears that Waymo and Tesla autonomous vehicles will disrupt the business
- Wall Street has a Strong Buy consensus on UBER with an average price target of $103.83
Uber CEO Dara Khosrowshahi purchased 141,000 UBER shares early Thursday at an average price of $70.96, spending roughly $10 million of his own money. The buy raised his total holdings to 1.367 million shares, now worth around $100 million.
The Form 4 filing hit the SEC around 12:40 pm EDT and the market noticed fast. UBER jumped 3% within minutes of the filing and finished the session up 2.1% at $72.56.
What makes this filing unusual is the timing. Most insiders wait one or two business days before filing. Khosrowshahi filed the same day as his purchase, which is rare.
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