Uber Co-Founder Kalanick Said to Plan Sale of 29% of Stake
Former Uber CEO Travis Kalanick, who has long boasted that he’s never sold any shares in the company, plans to sell about 29 percent of his stake, according to Bloomberg, citing people with knowledge of the matter.
Kalanick stands to reap about $1.4 billion from the transaction with SoftBank and a consortium of investors who have agreed to buy equity valuing Uber at $48 billion, said the people, who asked not to be identified. Kalanick, who owns 10 percent of the company, had offered to sell as much as half of his stake, the maximum board members were allowed to tender. He had to pare back the amount because of limits outlined in the agreement between Uber and the buyers.
One of the wealthiest people in the world on paper, Kalanick would become an actual billionaire for the first time as a result of the sale. Terms of the deal bar sellers from parting with more than 58 percent of shares initially offered, requiring Kalanick to sell a smaller portion of his stake. Spokesmen for Uber and Kalanick declined to comment.