Former Uber CEO To Sell Some Stock To Become A Billionaire

Removed Uber CEO and prime supporter Travis Kalanick was constantly ridiculously wealthy on paper. Presently he’ll soon be swimming in greenbacks in all actuality.

Kalanick wants to offer 29% of his Uber stock — after long gloating that he had never surrendered one offer of the ride-hailing organization he helped begin in 2009 — to the cha-ching tune of $1.4 billion, as per a Bloomberg report Thursday refering to people comfortable with the issue.

The stock deal comes as Japanese venture firm SoftBank and a consortium of financial specialists gets ready in the not so distant future to purchase a revealed 15% of Uber at a valuation of $48 billion, or 30% not as much as a since quite a while ago referred to valuation of $69 billion.

Kalanick possesses 10% of Uber, now esteemed at $4.8 billion, and offered to offer as much as half of that stake, as indicated by Bloomberg.

Uber is currently facing a series of challenges from not having its license renewed in the busy city of London to facing intellectual property theft allegations. In any case, Mr. Kalanick just got richer and maybe looking to jump into other ventures.

Uber has been accused of pursuing very aggressive methods some of which may not be ethical according to critics. Google’s Waymo accused Uber of stealing its technology when it hired and ultimately fired Anthony Levandowski who himself was a Google engineer. Google created Waymo to be its independent autonomous cars division and since then they have partnered with Uber’s main rival Lyft to bring autonomous cars to public roads in the near future.

It was in the middle of all these that Uber hired Dara Khosrowshahi, former Expedia CEO to take over the reins of the embattled company. While Uber retains its dominance in the ride hailing field in the United States and probably the world, it’s beginning to get regional challengers and in the case of China, it has essentially been toppled by local rival Didi in whom Apple invested $1b.