Uber’s co-founders are starting to cash out of the ride-hailing giant. Here’s the pitch deck they created back in 2008, way before it was a $45 billion ride-hailing giant. (UBER)
Category : entrepreneur
- Uber, now a decade old, went public back in May on the New York Stock exchange, but has disappointed investors in the five months since.
- Co-founders Travis Kalanick and Garrett Camp began cashing out hundreds of millions of dollars worth of stock this month as the company’s lockup period expired.
- The cash outs provide a perfect opportunity to revisit “UberCab”‘s original pitch to investors more than 10 years ago.
- Visit Business Insider’s homepage for more stories.
Uber founder Garrett Camp cashed out roughly $13 million of his massive stake in the company this week, according to regulatory filings with the Securities and Exchange Commission.
The sale of 8,462,352 shares was worth $13,538,023, the filing shows, and will still leave the entrepreneur with a roughly 4.75% stake in the company. Camp also sits on the board, and remains the largest individual shareholder after Japan’s SoftBank and the venture capital firm Benchmark, according to Bloomberg data.
Last week, Camp’s co-founder and Ubers famously ousted former chief executive Travis Kalanick began selling some of his stake as well, on a much grander scale. Kalanick, who’s working to build a “virtual restaurant,” or delivery-only kitchen business, sold $711 million worth of shares.
The sales by both Camp and Kalanick came after the expiration of Uber’s “lockup period,” a set amount of time that’s common in initial public offerings in which insiders are not allowed to sell their existing shares in the company. When Uber’s period expired last week, heavy selling sent the stock down some 9% to record lows.
And as Uber fights to turn its first profit in the face of that falling stock price, the company looks very little like it did ten years ago when Camp self-financed some of the company’s first rounds. “UberCab” wasn’t always a network of more than 2 million drivers providing rides at the tap of a button in 165 countries around the world.
Instead, in those days of August 2008, the dream of a “next generation car service” was merely a slideshow presentation on founder Garrett Camp’s computer.
Business Insider has covered the original pitch deck before, when Camp first published it on Medium in 2017, but we felt it deserved a fresh look in light of a the company’s underwhelming May IPO, the launch of its freight business, an aggressive push into food delivery, flying cars, autonomous vehicles, and more.
Here’s how the founders envisioned Uber 10 years ago: