(Reuters) - Uber Technologies Inc co-founder Travis Kalanick, who was ousted as chief executive in June, is selling nearly a third of his 10%t stake in the ride-services company for about $1.4bn (£1.03bn), a person familiar with the matter said on Thursday.
Kalanick’s sale is part of a deal struck by a consortium led by SoftBank Group Corp which is taking a 17.5 percent stake in Uber, mostly by buying shares from early investors and employees. SoftBank last week secured agreements from shareholders who were willing to sell, and the deal will close early this year, Uber said.
The SoftBank deal values Uber at $48bn, about a 30% discount from its most recent valuation of $68bn. However, the investor consortium is also making a $1.25bn investment of fresh funding at the older, higher valuation.
Kalanick had offered to sell half of his total shares, but because there was a limit on how much SoftBank will buy, he will sell just 29%, according to the source. Other investors also did not get to unload as many shares as they had hoped because of such widespread interest to sell.
Making Kalanick a billionaire?
The former CEO owns 10% of the company, which means his sale will unload 2.9% of Uber shares and earn him about $1.4bn, the source added.
A spokesman for Kalanick declined to comment. SoftBank and Uber could not be reached immediately for comment.