Travis Kalanick sells some of his Uber stake and becomes a billionaire
San Francisco — Uber Technologies co-founder Travis Kalanick, who was ousted as CEO in June, is selling nearly a third of his 10% stake in the ride-services company for about $1.4bn, a person familiar with the matter said on Thursday. Kalanick’s sale is part of a deal struck by a consortium led by SoftBank Group, which is taking a 17.5% stake in Uber, mostly by buying shares from early investors and employees. Last week, SoftBank secured agreements from shareholders who were willing to sell, and the deal will close early in 2018, Uber said. The SoftBank deal values Uber at $48bn, about a 30% discount from its most recent valuation of $68bn.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.