Thursday, 15 November, 2018

Uber co-founder Travis Kalanick a billionaire after $9.3bn investment deal

Uber CEO Dara Khosrowshahi   Michael Cohen  Getty Images for The New York Times Uber CEO Dara Khosrowshahi Michael Cohen Getty Images for The New York Times
Russell Knight | 19 January, 2018, 16:14

SoftBank, the Japanese technology conglomerate and late-stage startup investor, announced today that its long-pending deal with Uber has closed.

While he had always been worth billions on paper, this deal cements his wealth.

A new $8 billion investment by a consortium led by SoftBank, the Japanese tech giant, has seen the group acquire 17.5% stake in Uber.

Travis Kalanick is a man who presided over a rampant culture of sexism, the covering up of a major hack, spying on journalists and, allegedly, the theft of trade secrets from Google.

SoftBank invested an additional $1.25 billion at a valuation of about $70 billion, according to reporting from Bloomberg Technology.

Uber shareholders sold almost $8 billion to investors led by SoftBank.

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Stephens said she largely blamed her father's suicide on the shame and self-loathing he felt for defending Nassar. At another point, Aquilina said she would allow someone "to do to him what he did to others" if the U.S.

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It was far more problematic to create a program for them, including the issuance of work permits. Republicans added sweeteners to the bill, hoping to make it tough for Democrats to oppose it.

Mr Kalanick, who stepped down as chief executive in June, is selling $1.4bn worth of stocks, it is widely reported. It is now part of a wider SoftBank network ranging from Sprint to WeWork.

Softbank will take two seats on the board, while San Francisco-based investor Dragoneer will take another. Four other seats would also need to be filled, including a board chair.

In a candid interview with the Financial Times, Misra suggested that the company should refocus on its core markets to cut losses.

SoftBank completed its long-awaited investment agreement with Uber on Thursday, making SoftBank the company's largest shareholder and providing a huge payday for co-founder Travis Kalanick and other early backers.

The former Uber CEO, who previous year stepped down from his position due to mounting pressure from investors, has reportedly sold one third of his stock in a share deal involving Japanese telecommunications firm, Softbank Group.

This roughly $9 billion deal is a kind of landmark, and not just due to its size. There's no change to Khosrowshahi's target of 2019 for an initial public offering.

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