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Early Uber investors, Benchmark, only able to sell half the shares it had hoped to

5 Jan 2018

 

As more details emerge in relation to the Uber/SoftBank's deal, recode  reported on Friday that Benchmark, the firm at the centre of Uber's power struggle at board level, wanted to part with about 25 percent of the firm's holdings in the ride-hailing giants, but due to so many stake holders trying to sell, they were only able to sell about 14.5 percent.

Not only were Benchmark Capital unable to sell the percentage they originally hoped, they were also ready to sell at a valuation half of what they quoted last year. According to reports in recode, Benchmark said last year that they believed Uber could soon be worth $100 billion, but only last week they agreed to sell at a valuation of around $48 billion.

Benchmark are said to receive about $900 million in cash for their 14.5 percent sale. We reported earlier on Friday morning, on TaxiPoint , that Uber's former CEO, Travis Kalanick, was selling a percentage of his shares, earning himself around $1.4 billion. Other large sellers to SoftBank and/or a consortium of other investors include; kalanick' co-founder Garrett Camp and Menlo Ventures, which led Uber's series B round. 

 

 

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