Kalanick to sell 29% of his stake in Uber amid SoftBank deal

Uber Co-Founder Kalanick Plans to Sell 29% of His Shares in Company

With the deal that Softbank made with Uber, the ride-sharing company's value dropped by around 30 percent from the $70 billion valuation to $48 billion.

Much of SoftBank's stake came from buying shares from earlier Uber investors and employees - including, it seems, Kalanick himself. However, the investor consortium is also making a $1.25-billion investment of fresh funding at the older, higher valuation.

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A source told Reuters that Kalanick initially offered to sell 50 per cent of his shares, but SoftBank limited the sale to one-third. Other investors also did not get to unload as many shares as they had hoped because of such widespread interest to sell. Kalanick said at the time, "I love Uber more than anything in the world and at this hard moment in my personal life I have accepted the investors request to step aside so that Uber can go back to building rather than be distracted with another fight". Previously, Kalanick boasted that he would never sell a share of the company he helped find, but things are changing it seems. For the first time, Kalanick is a billionaire as he will be raking in $1.4 billion from his transaction with Softbank. Meanwhile, new CEO Dara Khosrowshahi can focus on things like the case vs. Waymo over self-driving technology.

Kalanick has been laying low following his resignation past year from Uber following allegations of sexual harassment in the company, incidents of covering up information from regulators, and failure to disclose a hack attack that stole driver and passenger information.

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