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Caught Our Eye

Top GOP aide rides Uber IPO to the top

Posted by Keturah Hetrick on May 15, 2019

Uber's IPO was a huge disappointment to Wall Street, but thanks to it, one key Republican staffer is set for life.

The chief of staff to Sen. Marco Rubio (R-Fla), Mike Needham, disclosed last summer that his wife sold Uber stocks worth between $5 million and $25 million but she still owns much more stock. His wife, Rachel Holt, is Uber's head of new mobility. Holt, who holds an MBA from Stanford, has worked for the tech giant since 2011. Needham, who is also staff director to the senator's Small Business and Entrepreneurship Committee, got an MBA at Stanford too.

Last summer, Uber permitted its employees to sell off up to $25 million worth of shares or up to a quarter of their total shares, whichever was less. Uber employees are prohibited from selling their remaining shares for six months after its IPO date. Needham's financial disclosure last year before the partial sale indicated that their full Uber shares were worth $25 million to $50 million.

Subjects: Heritage Action for America; Senate Small Business and Entrepreneurship Committee; Sen. Marco Rubio (R-FL); Uber Technologies Inc.; Michael Austin Needham (Mike)

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