Tags: travis kalanick | uber | co-founder | sell

Travis Kalanick, Uber Co-Founder, to Sell 29 Percent of His Stake

Travis Kalanick, Uber Co-Founder, to Sell 29 Percent of His Stake
A picture taken on Jan. 18, 2015, shows Travis Kalanick, co-founder of the US transportation network company Uber, speaking during the opening of the Digital Life Design (DLD) Conference in Munich, southern Germany. (Tobias Hase/AFP/Getty Images)

By    |   Friday, 05 January 2018 12:28 PM

Travis Kalanick, Uber co-founder, plans to sell 29 percent of his shares in the ride-hailing company in a broader investment deal, The Wall Street Journal reported.

The ride-hailing co-founder, who was ousted from the company last year but remains on the board, reportedly plans to sell his shares in the business for about $1.4 billion to the SoftBank Group and its consortium of investors, which have valued Uber at $48 billion.

People with knowledge of the matter said per Bloomberg that Kalanick intended to sell as much as half of his 10 percent stake in the company but limits stipulated in an agreement between Uber and the buyers forced him to scale back on this amount.

In the tender offer for Uber's shares, SoftBank intends to invest about $1.25 billion in the company at the $68 billion valuation, giving it a 15 percent ownership of Uber, The Wall Street Journal reported.

If the sale goes through, Kalanick stands to become a billionaire, but the deal still comes as a surprise considering that he previously boasted about having never sold a single Uber share before, said TechCrunch.

Kalanick was forced from his position as chief executive of Uber last year after a series of embarrassing revelations.

The company's growth hung by a thread amid disclosures about a culture of sexism and its covert use of law enforcement-evading software.

Adding to its woes, Uber lost tens of thousands of users from the dust-up when Kalanick joined and then quit a panel advising President Donald Trump.

"I love Uber more than anything in the world and at this difficult moment in my personal life I have accepted the investors' request to step aside so that Uber can go back to building rather than be distracted with another fight," Kalanick said in a statement last year about his move to step down, according to The Guardian.

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Uber co-founder Travis Kalanick plans to sell 29 percent of his shares in the ride-hailing company in a broader investment deal.
travis kalanick, uber, co-founder, sell
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2018-28-05
Friday, 05 January 2018 12:28 PM
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