Travis Kalanick to sell 29pc of his Uber shares

By : |January 5, 2018 0

Travis Kalanick, founder and former CEO of Uber, plans to sell nearly a third of his shares in the company, reports Bloomberg.

Kalanick, who resigned as CEO last summer following controversy, would sell his shares as part of a tender offer between SoftBank and Uber that will value the company at $48 billion.

According to Bloomberg, Kalanick wants to sell 29 percent of his stake and would make about $1.4 billion. Kalanick, who resigned as CEO in June but remains on Uber’s board of directors, currently owns about 10 percent of the ride-sharing company.

Interestingly, the former CEO wanted to sell as much as half of his stake in the company, but had to limit that amount due to agreements between the company and its buyers.

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GV, the venture arm of Google parent company Alphabet, is selling “significantly less” than half its stake, according to Bloomberg’s sources.

Uber has been amidst a survival crisis of sorts fighting hundreds of lawsuits and controversies including allegations of sexual harassment at the company, regulatory scrutiny around the world, and a legal battle with Alphabet’s Waymo.

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