Uber Co-Founder Kalanick Said to Plan Sale of 29% of Stake

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.

More from category

Bitcoin Steadies From 26% Slump as Traders Brave Volatility

Bitcoin Steadies From 26% Slump as Traders Brave Volatility

17 Jan 2018 comment

Bitcoin held above $11,000 a day after losing a quarter of its value as traders sought a floor for pricing amid growing concern regulators around the world will move ahead with new rules to restrict the burgeoning cryptocurrency industry, according to Bloomberg.

Facebook Reassures Partners It Will Help Them Adjust to New Policy

Facebook Reassures Partners It Will Help Them Adjust to New Policy

16 Jan 2018 comment

Facebook, seeking to calm creators of articles and video after announcing a change in how their work will be promoted in its news feed, sent an email pledging to help them adapt, according to Bloomberg.

GoPro Is Said to Hire JPMorgan to Advise on Potential Sale

GoPro Is Said to Hire JPMorgan to Advise on Potential Sale

16 Jan 2018 comment

GoPro has hired investment bank JPMorgan to advise on a potential sale of the struggling wearable-camera maker, according to Bloomberg, citing a person familiar with the matter.