Uber's Sacked CEO Travis Kalanick Will Make $1.4 Billion from Softbank Deal
Founder and quondam CEO of Uber, Travis Kalanick, has for long shared his pride over never having sold his shares in the visitor. But that seems to have inverse as Kalanick now plans to sell 29% of his stake pose the major investment in Uber by Softbank Group and other investors.
Kalanick, who was forced to footstep down from the CEO's position after controversies and several allegations of sexual harassment marred Uber's image, owns nigh 10 percent of Uber's stakes as a lath member. Following the deal with Softbank that devalues Uber by almost $21 billion, Kalanick'south will stand to gain $ane.4 billion in hispersonal bank balance.
The evicted CEO had initially offered to sell half his stakes in the company, merely contract limitations will permit him to tender only 29 percent. Under the bargain, Softbank will exist trading its greenbacks for 15 percent shares in Uber besides investing $1.25 billion directly. The investment consortium led past Softbank will exist ownership these shares from earlier investors including Benchmark, private investors and Alphabet's venture uppercase arm, GV.
Another co-founder and the electric current chairman of Uber, Garrett Camp, also plans to sell an undisclosed part of his stakes in the visitor to Softbank. Meanwhile, other investment firms such equally Kleiner Perkins and Lowercase Capital letter have declined to trade their shares in the deal which is likely to conclude by the end of January 2018.
Kalanick was ousted from the company in June concluding yr after five of Uber's investors urged to reform the company'south top management citing their incompetence to effectively deal with the scandals around gender discrimination, sexual harassment and a toxic piece of work culture. Post-obit this, one-time Expedia CEO Dara Khosrowshahi was chosen to lead the company. Under Khosrowshahi'southward leadership, Uber is aiming to cleanse its public persona and go public by 2019.
Source: https://beebom.com/ubers-sacked-ceo-travis-kalanick-will-make-1-4-billion-from-softbank-deal/
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