Uber founder and former CEO Travis Kalanick reportedly plans on selling roughly 29 percent of his shares in the company, potentially increasing his net worth by $1.4 billion.
The stock dump is connected to a transaction between the company and Softbank Group, a Japanese corporation that has been mulling substantial investments in the company, according to Bloomberg. It was recently announced that SoftBank successfully acquired 18 percent of Uber. Kalanick currently owns 10 percent of the company.
The deal is expected to diminish Kalanick’s influence at the company he founded. Reports earlier in the year alleged Kalanick was adamantly trying to stage a comeback after he was effectively pushed out of the helm by fellow board members following months of apparent embarrassments and setbacks like allegations of internal misconduct.
The dismissed executive reportedly said he is “Steve Jobs-ing it” in conversations with people at the ride-sharing company. The colloquialism was likely a reference to the now-deceased Apple cofounder Steve Jobs, who was fired at one point, but eventually brought back on. Jobs helped turn Apple into one of the world’s most profitable and powerful tech companies. Uber executives, though, felt the need to assure employees that he would not be returning to a leadership role in the company, while also apparently fending him off.
One of Uber’s earliest investors is also suing Kalanick for fraud, among other alleged violations.
Uber did not respond to The Daily Caller News Foundation’s request for confirmation or further details by time of publication.
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