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Former Uber CEO Travis Kalanick To Become A Billionaire With Stock Selloff

Former Uber CEO Travis Kalanick To Become A Billionaire With Stock Selloff

Uber Technologies Inc [UBER.UL] co-founder Travis Kalanick, who was ousted as chief executive in June, is selling almost a third of his 10 percent stake in the ride-services company for about $1.4 billion (1.03 billion pounds), a person familiar with the matter said on Thursday.

The ride-hailing co-founder, who was ousted from the company previous year but remains on the board, reportedly plans to sell his shares in the business for about $1.4 billion to the SoftBank Group and its consortium of investors, which have valued Uber at $48 billion.

Travis Kalanick is the embattled former CEO of ride-hailing service Uber. However, as Bloomberg states, he later had to withdraw to be in line with an agreement between Uber and the consortium.

It shouldn't come as a big surprise that Kalanick is selling his shares after a disastrous 2017 that Uber experienced. Benchmark, a venture capital firm, announced that it would sell a portion of the 13 percent of shares it owns in Uber.

Uber also is being sued by Google's self-driving auto company, Waymo, which alleges that Uber stole its proprietary tech when it bought self-driving truck company Otto. Back in October 2017, another Alphabet investment firm, CapitalG, said it was leading an investment in Uber's primary USA competitor - Lyft, according to Fortune. After the company meddled into several issues ranging from harassment accusations to the toxic workplace culture, he finally stepped down.

When Softbank's investment plans are complete, Uber's board is expected to rise from 11 members to 17 members, with a number of fresh executives appointed by Softbank and its consortium. SoftBank had been hinting of taking its billions of dollars and global influence to back rival Lyft.

Kalanick is already a billionaire, with the sale of his shares of Uber he stands to make an estimated $1.4 billion. Kalanick did not want competitors to get ahead.

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