BUSINESS
01/05/2018 07:03 EST | Updated 01/05/2018 07:15 EST

Uber Co-Founder Travis Kalanick Plans To Sell Part Of His Stake In The Company

Travis Kalanick resigned as CEO after revelations of sexual harassment and a hacking coverup.

Travis Kalanick gestures as he addresses a gathering during a conference of start-up businesses in New Delhi, India, Jan. 16, 2016.
Adnan Abidi / Reuters
Travis Kalanick gestures as he addresses a gathering during a conference of start-up businesses in New Delhi, India, Jan. 16, 2016.

NEW YORK — Uber co-founder and former CEO Travis Kalanick plans to sell 29 per cent of his stake in the ride-hailing service, a news report said Thursday.

The deal is part of a transaction with investors including Softbank Group Corp. and would bring Kalanick about $1.4 billion, Bloomberg reported, citing unidentified sources. It said Kalanick previously said he never had sold Uber shares.

Uber didn't respond to an email seeking comment.

Kalanick, who owns 10 per cent of Uber, resigned as CEO last year following revelations of sexual harassment in the company, technological trickery designed to hinder regulators and a coverup of a hacking attack that stole personal information of 57 million passengers and 600,000 drivers.

Bloomberg said Kalanick offered to sell up to half his stake but reduced that due to limits in the agreement between Uber and the buyers.

Uber was valued around $68.5 billion during a 2016 capital investment, but that dropped to somewhere above $48 billion in the SoftBank deal announced last week.

Despite that, early investors stand to make significant gains.

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