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- Uber CEO Dara Khosrowshahi was offered a large amount of stock after meeting performance goals.
- The stock is valued at more than $130 million.
- He has helped lead the ride-hailing giant’s turnaround over the past year.
After raising Uber’s valuation to more than $120 billion, CEO Dara Khosrowshahi just seized the opportunity to buy a huge stake in the ride-hailing company.
Khosrowshahi’s offer comes after he exceeded the goals he set in his 2017 equity incentive plan, according to a filing with the Securities and Exchange Commission earlier this month.
If Uber maintains its valuation at $120 billion over a 90-day trading period, Mr. Khosrowshahi will be offered a stake, according to the filing.
The feat was accomplished on Feb. 6, when Mr. Khosrowshahi was granted an option to buy 1.75 million Uber shares with an exercise price of $33.65, according to the filing.
Uber is currently trading at around $78, which means the stock is worth about $136.5 million.
Mr. Khosrowshahi plans to take advantage of the stock offer, but not within the next 90 days, according to the filing.
As noted by the Financial Times, this goal was set before the company’s IPO in 2019. And while Uber struggled shortly after it went public, Khosrowshahi led a turnaround over the past year by cutting costs, abandoning non-core businesses like self-driving cars and finding new revenue streams in advertising. contributed to.
Earlier this month, Khosrowshahi announced Uber’s first annual operating profit of $1.1 billion and unveiled a $7 billion stock buyback plan to investors.
In addition to Khosrowshahi, Uber’s chief legal officer Tony West and chief human resources officer Nikki Krishnamurthy also earned the right to purchase 2.25 million Uber shares under the incentive plan, according to Financial.・The Times reported.
The Financial Times noted that Khosrowshahi’s package was not unique among tech leaders. Alphabet CEO Sundar Pichai received $226 million in 2022 thanks to a hefty stock compensation package, while Amazon CEO Andy Jassy is set to take over from founder Jeff Bezos. Obtained $200 million worth of stock.
Correction: February 29, 2024 — A previous version of this article incorrectly stated the value of the stock granted to Andy Jassy when he became Amazon’s CEO. Instead of $200, it was $200 million.
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