Uber CEO Travis Kalanick Is Selling 29% Of His Stake In The Company…How Much Is That Worth?

By on January 14, 2018 in ArticlesBillionaire News

Former Uber CEO Travis Kalanick has long boasted that he's never sold any of his equity in Uber. But now, it looks like he's changing his tune.

Kalanick is planning to sell 29 percent of his Uber shares, which are valued at about $1.4 billion, per a Bloomberg report. The shares will go to Japanese multinational telecommunications corporation SoftBank Group, who recently purchased a stake in Uber.

SoftBank recently closed a deal to buy about 15 percent of the ride-sharing company at a 30 percent discount in a deal that puts a $48 billion valuation on Uber.

MONEY SHARMA/AFP/Getty Images

The majority of SoftBank's stake includes shares bought from early Uber investors and employees.

Kalanick stepped down as Uber CEO this summer after a flurry of negative reports about the company's corporate culture and aggressive moves to deal with competitors. Kalanick will remain on the Uber board.

Dara Khosrowshahi, former Expedia CEO, replaced Kalanick in August. That same month, Uber investor Benchmark sued Kalanick for "fraud, breach of contract, and breach of fiduciary duty."

Kalanick's decision to sell his shares may be due to his ongoing legal battles. Or maybe he just decided it was time to really cash in on the company he helped create.

Articles Written by Joey Held
If there's a story anywhere in the world of music, sports, or entertainment, Joey wants to tell it. He's been freelancing since 2010, and prior to that, he attended the University of Miami, where he double majored in broadcast journalism and sport administration. A Chicago native, Joey currently resides in Austin, TX. Follow him on Twitter and Google+ and always feel free to suggest a song for his next karaoke performance.
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