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- Former Uber CEO Travis Kalanick is reportedly planning to sell off $1.4 billion worth of shares in Uber to SoftBank.
- 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.
- Kalanick had long boasted that he had never sold any Uber equity, ever.
Former Uber CEO Travis Kalanick is planning to sell 29% of his shares in the car-ride company in a deal valued at about $1.4 billion, Bloomberg reports.
Kalanick had long boasted that he had never sold any of his equity in Uber. Now, it seems, he’ll be selling to SoftBank, which recently closed a deal to buy about 15% of a stake in Uber at a 30% discount in a deal valuing the startup at $48 billion.
Much of SoftBank’s stake came from buying shares from earlier Uber investors and employees.
Kalanick stepped down as Uber CEO in June 2017 following a period of bombshell revelations about corporate culture and some of the company’s aggressive moves to undercut competitors. He was succeeded in August by Dara Khosrowshahi, who had been Expedia’s CEO.
Uber declined to comment for this story.