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Illustration: Eniola Odetunde/Axios

During his time as Uber's CEO, Travis Kalanick never sold any of his shares. It was one of the few unambiguously noble things he did, in an age in which many other CEOs were cashing in big on secondaries.

Driving the news: While we were on break, Kalanick sold his entire remaining stake in the company and resigned from its board of directors. His windfall was in the billions, even though Uber is valued well below where it went public (let alone its valuation when Kalanick was last in charge).

  • But he's not the only pre-IPO holder that's sold big.

Axios has learned that Coatue Management has distributed all of its shares to its limited partners, even though the shares are currently worth less than when Coatue invested in mid-2018.

  • Menlo Ventures, which first invested in 2012 at a $300 million valuation, distributed around 25% of its shares. This one is notable because the firm announced in November that it wasn't venture's most lucrative deal selling any shares at the time of lockup expiration.
  • Benchmark Capital, which led Uber's Series A investment in 2011, has distributed between one-third and one-half of its stake. In August 2017, Benchmark publicly suggested that Uber would be valued at over $100 billion within two years (its market cap when Benchmark sold was around $50 billion).
  • All three of the firms declined comment.

The bottom line: It's not surprising that VC firms are taking some money off the table, or at least letting LPs make those decisions. It's what typically happens after post-IPO lockups expire. But these moves are notable because they reflect valuation recalibration on venture's most lucrative deal of the past decade, and how Uber's old guard is leaving its post.

Go deeper: Uber has met with SEC about giving drivers equity

Go deeper

Mike Allen, author of AM
16 mins ago - Politics & Policy

Biden adviser Cedric Richmond sees first-term progress on reparations

Illustration: "Axios on HBO"

White House senior adviser Cedric Richmond told "Axios on HBO" that it's "doable" for President Biden to make first-term progress on breaking down barriers for people of color, while Congress studies reparations for slavery.

Why it matters: Biden said on the campaign trail that he supports creation of a commission to study and develop proposals for reparations — direct payments for African-Americans.

Cyber CEO: Next war will hit regular Americans online

Any future real-world conflict between the United States and an adversary like China or Russia will have direct impacts on regular Americans because of the risk of cyber attack, Kevin Mandia, CEO of cybersecurity company FireEye, tells "Axios on HBO."

What they're saying: "The next conflict where the gloves come off in cyber, the American citizen will be dragged into it, whether they want to be or not. Period."

Cedric Richmond: We won't wait on GOP for "insufficient" stimulus

Top Biden adviser Cedric Richmond told "Axios on HBO" the White House believes it has bipartisan support for a stimulus bill outside the Beltway.

  • "If our choice is to wait and go bipartisan with an insufficient package, we are not going to do that."

The big picture: The bill will likely undergo an overhaul in the Senate after House Democrats narrowly passed a stimulus bill this weekend, reports Axios' Kadia Goba.