Enterprise Television- Uber Co-Founder Travis Kalanick to become a Billionaire
Uber co-founder Travis Kalanick will become a billionaire, after investors agreed to take a large stake in the ride-hailing firm.
A consortium led by Japan’s Softbank is buying a chunk of the company from existing shareholders as well as new Uber shares in a $9.3bn (£6.7bn) deal.Mr Kalanick, who stepped down as chief executive in June, is selling $1.4bn worth of stocks.
Mr Kalanick was driven out of the top job by a series of scandals, but his ties with Uber remain strong.
He remains a director at the company and is offloading less than a third of his holding – meaning he still has a stake that’s currently worth about another $3bn.
On the other hand, the finalising of this massive deal will see Mr Kalanick’s powers reduced. He’s selling 29% of his shares, and Softbank, the Tokyo-based group which seems to be taking a stake in every bright idea in Silicon Valley, will gain two seats on Uber’s board.