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Kalanick reportedly plans to sell part of stake in Uber

The ride-hailing startup's ousted CEO plans to sell 29 percent of his stock in the company to SoftBank, Bloomberg reports.

Travis Kalanick, Uber's cofounder and ousted CEO, reportedly plans to sell some of his stake in the ride-hailing startup.
James Martin/CNET

Former Uber CEO Travis Kalanick plans to sell about 29 percent of his stake in the ride-hailing company he cofounded, Bloomberg reported Thursday.

The transaction with a consortium led by Japanese giant SoftBank Group is expected to net Kalanick about $1.4 billion, the news agency reported. Uber reportedly said in December it would sell up to a 20 percent stake in its company to the consortium.

Kalanick, who owns about 10 percent of the San Francisco-based startup, had previously offered to sell half of his stake to the group but pared back the offer in accordance with an agreement struck last year between Uber and the consortium, Bloomberg reported.

Kalanick, who was well known industry-wide for his aggressive practices growing the ride-hailing startup, was ousted in June amid dozens of scandals, including sexual harassment accusations and a toxic workplace culture. Kalanick struggled to regain power, appointing two new board members in September without consulting Uber or the rest of the board.

To facilitate a deal with SoftBank, Uber's board voted in October to eliminate its super-voting structure, in which early shareholders had 10 times the voting power, to a one vote per share model, according to a source familiar with the vote. The board also voted to expand the number of board members to 17, adding six seats to dilute additions made by Kalanick.

Uber declined to comment, and Kalanick couldn't immediately be reached for comment.

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