Travis Kalanick reportedly plans to sell about 29% of his Uber shares

Travis Kalanick founded Uber and was a controversial chief executive of the ride hailing app

Uber co-founder and former CEO Travis Kalanick is reportedly planning to sell a third of his shares in the ride-services company for about $1.4 Bn, as per a person familiar with the matter. The transaction would be part of the tender offer in which SoftBank Group agreed to buy shares in Uber valuing it at $48 billion, a huge discount from its last fundraising valuation.

Kalanick had offered to sell half of his total shares, but because there was a limit on how much SoftBank will buy, he will sell just 29 percent, according to the source. However, the same report says that Kalanick could the amount owing to limitations of agreement between the buyers and Uber.

The Uber co-founder, who is already one of the wealthiest people in the world on paper, would officially become a billionaire for the first time as a result of his $1.4 billion offload.

Kalanick was pressured out of Uber past year due to growing controversies and allegations regarding the working environment he created. Kalanick has never before sold shares of the company he ran for nearly a decade, the source said.

GV, Alphabet's venture capital firm, offered up significantly less than half of its stake in Uber even though Alphabet's self-driving vehicle subsidiary Waymo is suing Uber for stealing trade secrets.

The SoftBank deal offers investors and employees what could be their last chance to sell shares in a company-approved transaction before Uber's long awaited initial public offering, planned for 2019. In October 2017, another Alphabet investment firm, CapitalG, said that it was leading an investment in Uber's primary United States competitor, Lyft. Benchmark Capital, which sued Kalanick over his power to appoint board seats, will also drop the lawsuit once SoftBank's investment is completed.



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