That, and the fact that there's likely a ton of capital senior to Travis's under a liquidation event. If Uber gets revalued below $10B in "we can't get funding

That, and the fact that there's likely a ton of capital senior to Travis's under a liquidation event. If Uber gets revalued below $10B in "we can't get funding and ran out of runway" restructuring, Kalanick's stock is likely getting zeroed out.