Former Uber CEO Travis Kalanick Sells Stake in Company for $1.4 Billion

Jon Howard
January 8, 2018

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. Kalanick would get around $1.4 billion from the transaction with SoftBank Group and a consortium of investors.

Kalanick's sale is part of the multi-billion dollar deal Uber struck with investment companies SoftBank and Dragoneer. This may be one of the reasons why Kalanick is selling his shares despite sitting on the board of directors.

In early 2017, Uber was hit with accusations of harbouring a sexist work environment in a blog post by former engineer Susan Fowler. This sale was despite the fact that Alphabet's self-driving auto subsidiary Waymo was suing Uber for stealing trade secrets.

Kalanick is known for his aggressive management tactics.

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When Softbank's investment plans are complete, Uber's board is expected to rise from 11 members to 17 members, with a number of fresh executives appointed by Softbank and its consortium. Under the deal, Softbank has insisted in changes in the governing policies which would lower the influence of former CEO Travis Kalanick, who is still on the board, notes Business Insider. He's reportedly selling his shares to SoftBank Group and a group of investors.

Ousted Uber CEO and cofounder Travis Kalanick was always filthy rich on paper.

It is reported that the shift will also result in the suspension of a lawsuit brought forward by another major investor, Benchmark, which claims Kalanick is attempting to return as CEO - and this future would cause untold harm to shareholders, employees, drivers, and customers.

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