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Travis Kalanick set to sell a portion of his shares in Uber for the first time

5 Jan 2018

 

Bloomberg reported on Friday that Travis Kalanick, Uber's former controversial Chief Executive, plans to sell around 29% of his stake in the ride-hailing giants to SoftBank Group Corp. and a consortium of investors.

If the sale was to go through, it would likely make Kalanick about $1.4 billion, and officially make him an "actual" billionaire. Until now, Kalanick'wealth has been measured on paper based on the company's valuation.

A multi billion dollar deal between Uber Technologies Inc and SoftBank Group Corp. was agreed last week and is likely to be finalised and closed by the end of January. A number of governance reforms agreed in the new deal will see Kalanick' influence at Uber significantly reduced. 

 

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