Published: Fri, January 05, 2018
Economy | By Shawn Conner

Former Uber CEO Travis Kalanick selling part of stake

Former Uber CEO Travis Kalanick selling part of stake

That tender offer, which concluded late last month, values Uber at $48 billion-a. Such a sell would net Kalanick roughly $1.4 billion... At that valuation, the shares will be acquired for a 30 percent discount.

According to reports, Uber Co-founder and former CEO Travis Kalanick is planning to sell about 29% of his stake in the ride-hailing service.

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. The company has to date counted on venture capitalists and other private market investors, and is now turning to SoftBank to keep the money flowing.

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Kalanick, who owns 10 percent of Uber, resigned as CEO previous year following revelations of sexual harassment in the company, technological trickery created to hinder regulators and a cover-up of a hacking attack that stole personal information of 57 million passengers and 600,000 drivers. Without an IPO on the immediate horizon, a secondary offering is a way to relieve some of that pressure.

The deal also adds to SoftBank's growing ride-hailing portfolio.

SoftBank is buying 15% of the company from existing Uber shareholders like Kalanick and SoftBank's co-investors are purchasing an additional 3% ownership stake.

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Uber declined to comment for this story.

Since being named to the top spot in August, Khosrowshahi has taken steps to reform Uber. Kalanick resigned as CEO of Uber in June 2017 under pressure from investors.

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