The ride-hailing startup’s ousted CEO plans to sell 29 percent of his stock in the company to SoftBank, Bloomberg reports.
Travis Kalanick, Uber’s cofounder and ousted CEO, reportedly plans to sell some of his stake in the ride-hailing startup.
Former Uber CEO Travis Kalanick plans to sell about 29 percent of his stake in the ride-hailing company he cofounded, Bloomberg reported Thursday.
The transaction with a consortium led by Japanese giant SoftBank Group is expected to net Kalanick about $1.4 billion, the news agency reported. Uber reportedly said in December it would sell up to a 20 percent stake in its company to the consortium.
Kalanick, who owns about 10 percent of the San Francisco-based startup, had previously offered to sell half of his stake to the group but pared back the offer in accordance with an agreement struck last year between Uber and the consortium, Bloomberg reported.
Uber declined to comment, and Kalanick couldn’t immediately be reached for comment.
