Venture Capital
Uber Gives Restless Employees a Way to Cash Out
With no public offering imminent, the $69 billion ride-hailing startup is buying back shares from longtime staff.
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Many longtime employees of Uber Technologies Inc. are multi-millionaires, at least on paper. But with no initial public offering in sight and a strict policy blocking most private share sales, they’re stuck in limbo.
However, there’s a little-known option available to Uber loyalists looking to cash out. Those who work at the San Francisco company for at least four years can sell as much as 10 percent of their shares, people familiar with the matter said. The program has a built-in incentive to entice staff to stick around. The seller gets paid out over many months and must remain at Uber during that time, said the people, who asked not to be identified because they weren’t authorized to discuss the program publicly.