Uber’s Travis Kalanick To Sell 29 Percent Of His Stake For $1.4 Billion

The former Uber CEO and co-founder Travis Kalanick is planning to sell 29 percent of his stake in the ride-hailing company.

Kalanick, who has boasted in the past that he would never sell any of his shares in Uber, will earn around $1.4 billion from the transaction with the SoftBank Group and a team of investors who have already agreed to buy equity valuing Uber at $48 billion, according to Bloomberg which cites inside sources.

Kalanick, who currently owns 10 percent of the company, offered to sell as much as half of his shares but he had to trim back the amount due to the limits set in an agreement between Uber and the buyers.

If the transaction goes through, Kalanick will turn from one of the wealthiest people on the world on paper to an actual billionaire for the first time. He was pressed to resign last year from the CEO position, following Uber’s legal troubles and a series of government investigations into how the company is doing business.

The deal is expected to close later this month, and once it’s finalized, Uber will go through a number of reforms that will effectively reduce Kalanick’s influence at Uber.

PHOTO GALLERY

  • Frank Yoster

    good bye good uber..now that big corps takin over..the prices are gonna soar…watch

  • salamOOn

    good for him…. cash out untill its time….

  • nastinupe

    Yeah, what’s so special about being a billionaire on paper? Get your money and go! All the fun he’s about to have. All I would do is keep beautiful women around me and chill on beaches.

    • Dennis James

      Humans are driven by a desire to leave their mark on the world and be better than others, and even if you have so much money, the brain’s wiring is still pushing you to achieve more. Ignoring this desire while young will probably get you killed from drugs and depression.

      • nastinupe

        He already created Uber and he’s knocking on 50. That’s old enough and accomplished enough.

        • Dennis James

          So at 41, he’s knocking on 50 ?

          • nastinupe

            I stand corrected. But 41 still isn’t “young”. Most great people accomplished their great things by 41. Time to enjoy the fruits of his labor.

          • Dennis James

            Imagine what would have happened if people like Steve Jobs, Bill Gates, Albert Einstein, Isaac Newton, Stephen Hawking and most acclaimed scientists would have been as silly as you regarding when they should “enjoy the fruit of their labor” :))

          • nastinupe

            It’s a freaking taxi service. Every person you mentioned created something revolutionary. This guy created something evolutionary. Big difference. Thats like considering the creator of Sonos speakers on the same level as the greatest scientist that ever lived. Come on.

  • SteersUright

    Must be nice!

  • Dennis James

    Smart move, at least for the short-term. Uber in its current form is a dead-end, it needs to be restarted on completely new legal grounds in regards to each country’s laws and regulations, they can’t just keep a continuous state of fight with governments. Maybe he intends to do just that.

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