Travis Kalanick, the former CEO of Uber plans to sell one third of his shares
The founder and former CEO of Uber, Travis Kalanick is planning to sell around one-third of his shares in Uber. This transaction would actually be a part of the tender proposal.It is the SoftBank group that has agreed to purchase the shares in the Uber that are valuing to the amount of $48 billion. This is actually a kind of the big discount in comparison to the earlier fundraising valuation by the company. So now Travis Kalanick is selling 29% of his stakes in the company. This would enable him to earn around $1.4 billion.
Kalanick had already resigned from his position as the CEO in June last year
The Kalanick had already resigned from his position as the CEO in June last year but he still remained as one of the boards of directors of the company. Few of the information sources suggested that although he wanted to sell just half of his stakes which are there in the Uber he couldn’t do so due to the limits which are there in the tender for offering an agreement. Well in case the sales go through, Kalanick would become a millionaire.
In case the sales go through, Kalanick would become a millionaire
At the time of the Vanity Fair New Establishment Summit which was held in Oct 2016, Kalanick claimed that he had never sold even a single share of the company despite the fact he still has to pay the mortgage of his house.
The SoftBank has already valued this deal at the cost of $ 48 billion
By selling the shares that he has in the company, he will be earning around $ 1.4 billion. The SoftBank has already valued this deal at the cost of $ 48 billion. This is at around 30% discount in comparison to the recent valuation which was at $68 billion. The consortium of investors is also investing $1.25 billion as the fresh funding which is at the higher valuation. The Kalanick stepped down from the position of the Uber’s CEO in June last year. This was done at a time when there were some kind of the bombshell revelations about the culture of the company and also questionable move of the firm which was taken to undercut the competitors.
The consortium of investors is also investing $1.25 billion as fresh funding which is at higher valuation
Well, Kalanick wanted to sell around half of his stakes in Uber but he has to limit the amount as there is an agreement among the Uber and his buyers. This deal of the SoftBank with the Uber has scaled back the power of Kalanick. This includes his blocking from being appointed as the chairman of the Board of Directors any time in the future. The investment of the SoftBank in the Uber will be closing later this month.