Business

Uber's Co-Founder Could Soon Become An Actual Billionaire

Uber's Co-Founder Could Soon Become An Actual Billionaire

Uber Technologies Inc [UBER.UL] co-founder Travis Kalanick, who was ousted as chief executive in June, is selling almost a third of his 10 percent stake in the ride-services company for about $1.4 billion (1.03 billion pounds), a person familiar with the matter said on Thursday.

Back in December, Uber reportedly stated that it would sell 20% stake to Japan's Softbank Group led consortium, which have agreed to buy equity valuing Uber at $48 billion. However, the investor consortium is also making a $1.25 billion investment of fresh financing at the older, higher appraisal.

Former Uber CEO Travis Kalanick is reportedly planning to sell off $1.4 billion worth of shares in Uber to SoftBank.

In late August, Uber announced that it was appointing former Expedia CEO Dara Khosrowshahi to run the company.

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It shouldn't come as a big surprise that Kalanick is selling his shares after a disastrous 2017 that Uber experienced.

GV, a venture capital firm of Alphabet, also sold up considerably less than half of its stake in Uber. Back in October 2017, another Alphabet investment firm, CapitalG, said it was leading an investment in Uber's primary USA competitor - Lyft, according to Fortune. This sale was despite the fact that Alphabet's self-driving vehicle subsidiary Waymo was suing Uber for stealing trade secrets.

The stock dump is connected to a transaction between the company and Softbank Group, a Japanese corporation that has been mulling substantial investments in the company, according to Bloomberg. It will include four independent directors, will limit early shareholders' voting power, and will limit the control Kalanick has on the board. But once Softbank's deal with Uber is completed, management reforms will further attenuate his control. Kalanick did not want competitors to get ahead. Since then, Kalanick's once formidable influence has started to fade as new leadership - and soon new investors - take the reins of Uber.


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