Sunday, 23 September, 2018

Uber's Travis Kalanick to sell $1.4bn stake to Softbank

Benchmark partner Bill Gurley    
   Michael Kovac  Getty Images for Vanity Fair Benchmark partner Bill Gurley Michael Kovac Getty Images for Vanity Fair
Elsie Buchanan | 08 January, 2018, 02:14

Former Uber boss Travis Kalanick is set to sell nearly a third of his 10pc stake in the controversial taxi app after previously boasting he had never sold a single share.

Kalanick-who Bloomberg points out has boasted, "I've never sold a single Uber share"-reportedly originally offered up half of his 10 percent stake in the company, which is the most board members are allowed to sell".

SoftBank recently negotiated a deal to buy up Uber shares from investors and employees at a 30% discount, in a deal valuing the startup at $48 billion. However, the investor consortium is also making a $1.25 billion investment of fresh financing at the older, higher appraisal.

People with knowledge of the matter said per Bloomberg that Kalanick meant to sell as much as half of his 10 percent stake in the company but limits stipulated in an agreement between Uber and the buyers forced him to scale back on this amount.

Kalanick left his post as chief executive of the company previous year following a family tragedy and a stream of scandals at Uber.

A spokesman for Kalanick said the lawsuit was "without merit".

Grigor Dimitrov's epic display of sportsmanship at Brisbane International
Edmund went down on the baseline after appearing to roll over on his right ankle mid-rally. "It's very unfortunate what happened". Earlier in the day Kyrgios came back from losing the first set to defeat former finalist Alexandr Dolgopolov 1-6, 6-3, 6-4.


Uber declined to comment for this story.

The sale would make the Uber co-founder a billionaire for the first time, not just on paper.

Kalanick previously ran entertainment technology file-sharing services Scour and Red Swoosh. A consortium that includes SoftBank, TPG Capital, and Dragoneer Investment Group will purchase 17.5 percent of Uber and includes an investment of $1.25 billion.

The transaction marks a victory for new CEO Dara Khosrowshahi, who helped broker the deal and who will benefit from a deep-pocketed investor like SoftBank.

Bloomberg reports that Kalanick has always been one of the wealthiest people in the world, at least on paper.

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