[tyingq]

Hard to determine if he lost confidence in "his vision" vs "current + future vision".

In his place, having lost direct control, I'd be tempted to cash out early solely because my influence was so diminished. Not because I was 100% sure the new direction wasn't right.

So I can't tell if this is an admission that Uber is over valued, or just a risk management decision around losing more direct control.

[paunchy]

True. But by cashing out the maximum possible amount, this is far more than a hedge. In your scenario, I would cash out some but would have confidence in the strength of the business that I created... unless I didn't.

In reality, I'm at a loss as to why anyone would join Uber right now. They cannot be still attracting the best talent, especially in the autonomous vehicle space. And I've seen no evidence that the current ride sharing business is defensible, particularly once you account for the equity infusions that subsidize that business.

[tyingq]

I get your point, but is roughly 1/3 of my stake having lost direct control that strong a statement?

Personally, I think his next move is more telling. If he holds 2 thirds, that's an endorsement. If he keeps selling, then, yeah...it's a signal.