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

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   Michael Kovac  Getty Images for Vanity Fair

Uber Inc's co-founder Travis Kalanick, who was ousted as CEO in June, is selling nearly a third of his 10 percent stake in the ride-services company for about $1.4 billion, an individual knowledgeable about the matter stated on Thursday.

Kalanick's sale is part of the multi-billion dollar deal Uber struck with investment companies SoftBank and Dragoneer.

The investors agreed to pay $9bn (£6.6bn) for a 17pc stake in Uber comprising a mixture of new and existing shares.

People with knowledge of the matter said per Bloomberg that Kalanick meant to sell as much as half of his 10 percent stake in the company but limits stipulated in an agreement between Uber and the buyers forced him to scale back on this amount.

The stock sale comes as Japanese investment firm SoftBank and a consortium of investors prepares later this month to buy a reported 15 per cent of Uber at a valuation of US$48b, or 30 per cent less than a long-cited valuation of US$69b. SoftBank last week secured agreements from shareholders who were willing to sell, and the deal will close early this year, Uber said.

Kalanick owns 10% of the company and the deal values Uber at $48 billion.

Much of SoftBank's stake came from buying shares from earlier Uber investors and employees - including, it seems, Kalanick himself.

A spokesman for Kalanick said the lawsuit was "without merit". SoftBank and Uber could not be reached immediately for comment.

Kalanick stands to make about $1.4 billion from selling his shares, making him a billionaire for the first time.

In late August, Uber announced that it was appointing former Expedia CEO Dara Khosrowshahi to run the company.

Bloomberg reports that Kalanick has always been one of the wealthiest people in the world, at least on paper.

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