Travis Kalanick, Uber Co-Founder, to Sell 29 Percent of His Stake

Travis Kalanick owns 10 per cent of Uber valued at US$4.8b and offered to sell as much as half of that stake

Uber cofounder and ex-CEO Travis Kalanick is close to selling "nearly a third" of his equity in the company, Reuters reported late Thursday. However, the investor consortium is also making a $1.25 billion investment of fresh financing at the older, higher appraisal.

However, the publication reports that originally Kalanick offered to sell half of his stake - but this was reduced to 29 percent due to sale limits already in place between himself and the Softbank investors. He was succeeded in August by former Expedia CEO Dara Khosrowshahi.

Also selling Uber shares is Benchmark, a venture capital firm, which is reportedly moving 15 percent of its holdings worth about $900 million. This sale was despite the fact that Alphabet's self-driving auto subsidiary Waymo was suing Uber for stealing trade secrets. After the company meddled into several issues ranging from harassment accusations to the toxic workplace culture, he finally stepped down. But once Softbank's deal with Uber is completed, management reforms will further attenuate his control. Later, he appointed two new board members in September without consulting Uber or the board, something largely seen as Kalanick's desperate attempt to regain power. SoftBank had been hinting of taking its billions of dollars and global influence to back rival Lyft.

The former CEO owns 10 percent of the company, which means his sale will unload 2.9 percent of Uber shares and earn him about $1.4 billion, the source added. Kalanick did not want competitors to get ahead.

"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", Kalanick said in a statement previous year about his move to step down, according to The Guardian.

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