Former Uber CEO Travis Kalanick To Become A Billionaire With Stock Selloff

Former Uber CEO Travis Kalanick To Become A Billionaire With Stock Selloff

Former Uber CEO Travis Kalanick To Become A Billionaire With Stock Selloff

Travis Kalanick, Uber's former chief executive, was said to have sold almost one-third of his shares for about $1.4 billion.

Former Uber CEO Travis Kalanick is planning to sell 29% of his shares in the car-ride company in a deal valued at about $1.4 billion, reports Bloomberg. As for Uber, the deal implies it's worth $48 billion.

The stock sale comes as Japanese investment firm SoftBank and a consortium of investors prepares later this month to buy a reported 15 per cent of Uber at a valuation of US$48b, or 30 per cent less than a long-cited valuation of US$69b. Kalanick said at the time, "I love Uber more than anything in the world and at this hard moment in my personal life I have accepted the investors request to step aside so that Uber can go back to building rather than be distracted with another fight". He owns an estimated 10 percent of Uber and reportedly has never sold shares in the company.

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Kalanick had offered 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, according to the source. SoftBank and Uber could not be reached immediately for comment. For the first time, Kalanick is a billionaire as he will be raking in $1.4 billion from his transaction with Softbank.

Former Chief Executive Officer and co-founder of Uber Technologies Inc. Kalanick has never before sold shares of the company he ran for nearly a decade, the source said.

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