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Report: Ex-CEO Kalanick to Sell Part of His Equity in Uber
Travis Kalanick, co-founder of ride-hailing service Uber Technologies Inc., intends to sell about 29% of his stake in the company, sources tell Bloomberg News.
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Travis Kalanick, co-founder of ride-hailing service Uber Technologies Inc., intends to sell about 29% of his stake in the company, sources tell Bloomberg News.
Kalanick owns 10% of Uber. The partial sale, which is worth about $1.4 billion, would be to a consortium of investors led by Japanese telecom SoftBank Group. The investors plan to spend at least $8 billion to acquire 15% of the company by purchasing shares from Uber’s early investors. The offer, expected to be completed later this month, values the business at $48 billion.
SoftBank’s scheme would give its group two new seats on Uber’s board and implement governance changes that diminish Kalanick’s power as a continuing board member. Known for an abrasive and brash management style, he was pushed out as CEO last June.
Kalanick’s departure came during a tumultuous period of lawsuits, probes into claims of illegal business practices, a lawsuit claiming the company had acquired stolen technology, a sexual harassment investigation and the departure of the company’s president and several other top executives.
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