Why Uber Founder Travis Kalanick may know something that investors don't

News broke on Christmas Eve that Uber founder Travis Kalanick plans to leave the board of directors at the end of the year after massively selling down his shares over the past few weeks. Joanne Lipman, journalist and distinguished journalism fellow at the Institute for Advanced Study, and Rogers Cheng, executive editor and head of CNET News, join "Squawk Box" to discuss.

Former Uber CEO Travis Kalanick will step down from the board, effective Dec. 31, and a spokesperson said Tuesday he has sold all of his stock in the ride-hailing company he co-founded 10 years ago.

It’s unclear how much Kalanick’s total stake is worth, but the latest public filings show it’s about $2.5 billion.

In a statement Tuesday, Uber said Kalanick, 43, is leaving to “focus on his new business and philanthropic endeavors.” Kalanick is launching latest venture, CloudKitchens, which rents out space to restaurateurs for delivery-based businesses.

Uber did not say who will fill Kalanick’s board seat. An Uber spokesperson said the ride-hailing company has “strong director candidates to put forward at the appropriate time.”

Later, a spokesperson for Kalanick confirmed to CNBC that he has sold his entire stake in Uber.

By exiting the board and dumping his stake, Kalanick has severed his last ties from the company he co-founded. Kalanick was ousted as CEO in 2017 over concerns he had fostered an unhealthy workplace environment but remained on the board. He was at the New York Stock Exchange during the company’s IPO in May, though he was not on the dais with company executives.

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