Uber co-founder Travis Kalanick rumored to sell 29% of his company stake

Taxi aggregating company Uber’s co-founder and CEO, Travis Kalanick is reported on planning to sell 29% of his

stake in the company amounting to $1.4bn. The transaction would be part of the tender offer in which SoftBank Group agreed to buy shares in Uber valuing it at $48 billion.

Kalanick, who resigned as CEO in June last year, owns 10% of the taxi offering company and is about to sell a third of them. Still on the Uber’s board of directors, Kalanick wanted to sell up to half of his shares but had to limit it due to the tender offer agreement.

In the previous year or so that saw Uber on the wrong side of the news, including accusations of a toxic workplace culture that led to an internal investigation over sexual harassment at the company, a hacking attack that stole personal information of 57 million passengers and 600,000 drivers, Kalanick’s resignation and, most recently, SoftBank’s investment in Uber; the move doesn’t come as a surprise.  Ironically, Kalanick had claimed during the Vanity Fair New Establishment Summit in October 2016 that he has never sold a single Uber share, even while he was still paying his home mortgage.

Although a 2016 capital investment statistic valued Uber at $68.5bn, the value dropped down to $48bn in the recent valuation by SoftBank Group.

 

Sources: Indian Express , Business Insider

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