Hate him, love him, but booted Uber CEO will be a billionaire

Uber Co-Founder Kalanick Plans to Sell 29% of His Shares in Company

Mr Kalanick, who remains on the board but was ousted as chief executive previous year after a series of scandals, is planning to sell 29pc of his stake as part of a broader deal between Uber and a consortium led by Japan's Softbank, Bloomberg reported.

Uber co-founder Kalanick, who was ousted as chief executive in June, is selling almost a third of his 10 per cent stake in the ride-services company for about $1.4 billion, a person familiar with the matter told Reuters on Thursday. As for Uber, the deal implies it's worth $48 billion. For the first time, Kalanick is a billionaire as he will be raking in $1.4 billion from his transaction with Softbank.

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

A source told Reuters that Kalanick initially offered to sell 50 per cent of his shares, but SoftBank limited the sale to one-third. SoftBank and Uber could not be reached immediately by media for comment.

Kalanick owns 10 per cent of Uber, now valued at US$4.8b, and offered to sell as much as half of that stake, according to Bloomberg.

Kalanick had long boasted that he had never sold any of his equity in Uber.

Benchmark, a venture capital firm that invested when Uber was very young, plans to sell about $900 million of stock, or close to 15 percent of its holdings in the company, these people added.

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