Former Uber CEO Travis Kalanick is leaving the company’s board after selling billions of dollars worth of stock

Former Uber CEO Travis Kalanick is leaving the company’s board after selling billions of dollars worth of stock

Travis Kalanick is resigning from Uber's board of directors as he cuts ties to the company he co-founded.

The former CEO's exit will be effective December 31, according to a statement from the company.

Kalanick has been rapidly unloading his stake in Uber stock through the end of the year, selling more than $2.5 billion worth of shares in the last two months alone.

Watch Uber trade live here.

Travis Kalanick is resigning from Uber's board of directors as he cuts numerous ties to the company he co-founded.

The former CEO's exit from the board will be effective December 31, Uber said in a Tuesday morning statement, adding that Kalanick will move on to "focus on his new business and philanthropic endeavors."

"At the close of the decade, and with the company now public, it seems like the right moment for me to focus on my current business and philanthropic pursuits," Kalanick said in the statement. "I'm proud of all that Uber has achieved, and I will continue to cheer for its future from the sidelines."

The announcement comes as Kalanick continues liquidating his position in Uber stock. His latest sale offloaded nearly 2.4 million shares on December 19, bringing his total stake down to about 5.8