Former CEO of Uber is Putting Nearly A Third of His stake in the Ride-Hailing Company for Sale

By TechCrunch (IMG_3696) [CC BY 2.0] via Wikimedia Commons

According to reports, the former chief executive of Uber, Travis Kalanick, is selling nearly one-third of his current 10 percent stake in the company.

Bloomberg first reported that Kalanick has agreed to sell 29 percent of his holdings for $1.4bn (£1bn). The said sale is a part of a deal that was struck by a SoftBank-led consortium, which is acquiring a 17.5 percent stake in Uber.

The SoftBank deal assesses Uber at $48bn, around a 30 percent discount from the most recent valuation of the company amounting to $68bn.

Kalanick helped found Uber. He stepped down from his chief exec post in June 2017, after experiencing a shareholder revolt regarding his leadership of the ride-hailing company.

His resignation happened after the news broke out that he was taking a leave of absence following an investigation into the firm off the back of various scandals, including employee allegations of sexual harassment.

Uber is battling to continue its operation in London currently, appealing a decision from the Transport for London not to renew the licence of the company in the capital. In November of 2017, Sadiq Khan, the mayor of London, warned that the appeal process is expected to go on for years.