Uber CEO Buys $5 Million in Stock With Shares in Free-Fall

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The shares were bought in multiple transactions at prices ranging from $26.64 to $26.775 per share.

The dollar value of the purchases was over $5.3 million.

Khosrowshahi recently told employees in an internal memo that the company plans to slash costs and “react accordingly” to the unexpected change in investor sentiment.

Shares of UBER are down 45% year-to-date as high-growth tech stocks have taken it on the chin in the rising interest rate environment. In addition, rising fuel costs have hurt the company’s margins.