Uber co-founder Travis Kalanick to sell 29% shares for $1.4 billion

Uber co-founder and ex-CEO Travis Kalanick is planning to sell 29 percent of his shares for around $1.4 billion.

According to a Reuters report quoting a person familiar with the development, Kalanick, who was ousted as chief executive in June, will sell nearly a third of his shares in the ride-services company for about $1.4 billion.

Kalanick planned 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, the source added.

This is reported to be part of a deal with SoftBank Group, which is taking shares by buying them from early investors and employees. Last week, SoftBank got agreements from shareholders who were willing to sell, and the deal will close early this year, Uber said.

Entrackr queries to Kalanick and Softbank to confirm the development is still awaited.

Earlier, SoftBank had invested more than $7 billion in Uber for a 15 percent stake in the ride-hailing startup. The included both a direct investment in the company and also a secondary transaction, buying out existing shareholders.

Japan’s tech titan also invested $1.25 billion in new capital in Uber at its most recent $70 billion valuations. Investment firms General Atlantic and Dragoneer Investment Group were also in active talks with Uber.

Last year the ride-hailing app was surrounded by series of allegations including seeking report of a rape victim by the top official. After the incident, Uber saw a string of departure including head of business Emil Micheal and President Jeff Jones. A video also showing Kalanick arguing with Uber’s driver went viral on social site.

Uber’s board of directors had reportedly requested in a letter to Kalanick to step down allowing him time to deal with personal tragedy. Kalanick had resigned in June 2017.

Meanwhile, Kalanick remains a billionaire given his stake in the company, with a net worth of $6.7 billion according to the Bloomberg Billionaire’s Index.