Directors of Uber reveal months-old stock purchases

Uber's largest shareholder, Uber UBER +1.62% Technologies, recently disclosed a large stock purchase.

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A filing filed by the governor of Saudi Arabia's sovereign wealth fund, the Public Investment Fund, with the Securities and Exchange Commission on June 30, 2022, shows that he paid $5.1 million for 250,000 Uber shares on June 21, 2022, at an average price of $20.58 per share, which he filed with the Commission on June 30, 2022. As a result of the transaction, Al-Rumayyan now owned 388,241 shares of Uber at the time of its completion.

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AI-Rumayyan's filing was more than six months after he purchased his stock according to SEC rules. Insiders and directors must disclose stock transactions "before the end of the second business day."

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AI-Rumayyan owns 73 million Uber shares, or 3.7% of the company, according to Uber's most recent proxy. According to S&P Capital IQ, the fund ranks fifth among Uber's shareholders in terms of its shareholding.

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In response to a question regarding the timing of AI-Rumayyan's IPO, the SEC did not immediately respond.

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During the course of 2022, Uber's stock price declined by 41%, while the S&P 500 indexSPX -0.22% declined by 19%. In the week following the purchase of AI-Rumayyan's stock, a week after he had purchased ofstock, AI-Rumayyan had set a 52-week intraday low price for his average stock purchase of $19.90. As of the end of 2022, AI-Rumayyan's purchased shares had gained 20 %, which means that AI-Rumayyan's shares had ended the year at $24.73. The Uber stock price rose in January, as they are currently trading just below $31. A 50% gain has been accrued on his purchase shares.

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Barron's regularly covers stock transactions involving executives and board members, as well as large shareholders, politicians, and other prominent individuals. As insiders, these investors must disclose their stock trades to the Securities and Exchange Commission or other regulatory agencies