Latest News in the Business and Financial World

Thursday, April 15, 2021
Log in
  • Home
  • Company News & Financials
  • OTC Markets
  • Tech & Science
  • Health & LifeStyle
  • About WS OTC
    • Analysts & Contributors
    • Contact Us
    • Advertising
    • Feedback
    • Privacy Policy GDPR
  • Mobile
  • Latest News
    • New Theories Explain the Disappearance of the Mayan Civilization
    • What Happens If Coral Reefs Die?
    • Monsanto Loses Lawsuit for its Herbicide Products
    • Mankind (MNKD) shares Plunge after FDA Approves Afrezza, inhaled Insulin for Diabetes patients
    • Psychologists Confirm that Violent Video Games Boost Aggressiveness
    • World of Warcraft: Warlords of Draenor Release Date on Nov 13
    • iPass Global Hotspot Map Unveils Worldwide Wi-fi Coverage

Pages

  • About Wall Street OTC
  • Advertising
  • Analysts & Contributors
  • Contact
  • Feedback
  • Mobile
  • Privacy Policy GDPR
  • Terms of Service

Recent Posts

  • SF Hospital Slaps New Parents with $19K Bill for Baby Treatment
  • Furious Trump Blasts Harley-Davidson for Moving Production Overseas
  • Warning! MRI Machines Could Poison You
  • Flight Attendants More Likely to Get Certain Cancers
  • More Red Meat Allergy Cases Related to Lone Star Tick Bites

Uber Boss to Sell 29% of His Stake in the Company, Sources

Jan 7, 2018 By Anne-Marie Jackson Leave a Comment

Email, RSS Follow

Uber Technologies founder Travis KalanickAfter boasting that he has never sold a share in is company, Uber Technologies Inc’s founder and former CEO Travis Kalanick is reportedly planning to unload 29% of his stake in the taxi-app firm into Softbank’s portfolio.

The deal is largely kept secret, but multiple sources with knowledge of the situation confirmed the rumors to the press.

If the deal is successful, Kalanick will add $1.4 billion to his fortune. The investors who will buy the shares agreed to value to ride-hailing app at $48 billion.

The founder, who now owns 10 percent of the firm, had initially planned to sell half of his stake. He had to trim that number to 29% under an agreement with Softbank and a group of independent buyers.

Uber Boss to Finally Become a Billionaire

Ironically, Kalanick has been to date one of the richest men on the planet but only on paper. After the incoming transaction he would morph into a real billionaire.

In 2017, he was forces to step down as CEO amid a string of scandals and federal investigation into his business policies. Kalanick also entered a feud with one of the firm’s largest investors, Benchmark, which announced it plans to sell its stake too.

Under a recent agreement, sellers are not allowed to sell over 58% of the shares the initially put on the table. This provision barred Kalanick from selling more of his stake.

Uber declined to comment on the revelations.

Another seller is a Google-connected venture capital firm, GV, which plans to sell a smaller part of the stake in Uber, even though Google and its unit that is working on self-driving cars, Waymo, has sued Uber for using its trade secrets taken from a former employee.

The agreement with Softbank is expected to be finalized by the end of this month.
Image Source: Wikimedia

Email, RSS Follow
The following two tabs change content below.
  • Bio
  • Latest Posts

Anne-Marie Jackson

Anna grew up on a steady diet of 20th century literature, science-fiction movies and Viking lore. Unsurprisingly she turned into a technology geek with an inclination for history & fantasy.

Latest posts by Anne-Marie Jackson (see all)

  • SF Hospital Slaps New Parents with $19K Bill for Baby Treatment - Jun 29, 2018
  • Furious Trump Blasts Harley-Davidson for Moving Production Overseas - Jun 28, 2018
  • Warning! MRI Machines Could Poison You - Jun 27, 2018

Filed Under: Company News & Financials

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 72 other subscribers

Mom holding newborn's hands

SF Hospital Slaps New Parents with $19K Bill for Baby Treatment

Jun 29, 2018 By Anne-Marie Jackson Leave a Comment

Harley-Davidson biker

Furious Trump Blasts Harley-Davidson for Moving Production Overseas

Jun 28, 2018 By Anne-Marie Jackson Leave a Comment

MRI machine

Warning! MRI Machines Could Poison You

Jun 27, 2018 By Anne-Marie Jackson Leave a Comment

Flight Attendants More Likely to Get Certain Cancers

Jun 27, 2018 By Anne-Marie Jackson Leave a Comment

Lone star tick sitting on a succulent leaf

More Red Meat Allergy Cases Related to Lone Star Tick Bites

Jun 26, 2018 By Anne-Marie Jackson Leave a Comment

Time magazine cover

Time Admits Sobbing Cover Girl Was Not Separated from Parents

Jun 26, 2018 By Anne-Marie Jackson Leave a Comment

Sunshine and green leaves

Vitamin D Deficiency Could Boost Risk of Lung Disease

Jun 25, 2018 By Anne-Marie Jackson Leave a Comment

Green-light laser pointer

Greek Boy’s Retina Severely Damaged by Laser Pointer

Jun 22, 2018 By Anne-Marie Jackson Leave a Comment

Red Tesla car

Tesla Suing ‘Whistleblower’ over Data Theft

Jun 21, 2018 By Anne-Marie Jackson Leave a Comment

Boiled eggs and mayonnaise

Eating too Clean Can Lead to Orthorexia

Jun 20, 2018 By Anne-Marie Jackson Leave a Comment

NYC mayor Bill de Blasio

NYC Will Allow People to Smoke Pot in Public

Jun 20, 2018 By Anne-Marie Jackson Leave a Comment

A kitten and a puppy sleeping in a bed while hugging each other

Who Is Smarter Between Cats and Dogs? Researchers Have an Answer (Study)

Jun 19, 2018 By Anne-Marie Jackson Leave a Comment

Orthodox church in Greece

Being Religious Is Tied to Longer Lifespan, Study

Jun 19, 2018 By Anne-Marie Jackson Leave a Comment

Bacon and eggs for breakfast

How Does the Keto Diet Work?

Jun 18, 2018 By Anne-Marie Jackson Leave a Comment

Related Articles

  • Harley-Davidson biker

    Furious Trump Blasts Harley-Davidson for Moving Production Overseas

    Jun 28, 2018
  • Red Tesla car

    Tesla Suing ‘Whistleblower’ over Data Theft

    Jun 21, 2018
  • Mediterranean Diet

    Major 2013 Study on Mediterranean Diet Withdrawn

    Jun 15, 2018
  • Chinese man in a taxicab

    China Uber Rival to Allow Only Same-Sex Passengers as Driver at Night

    Jun 14, 2018
  • Bitcoin rendition

    Market Manipulation Was Behind Bitcoin’s 2017 Price Surge, Study

    Jun 13, 2018
  • American kids selling lemonade

    American Kids Forced to Obtain Permits to Sell Lemonade

    Jun 12, 2018
  • Hobby Lobby store at night

    Hobby Lobby Agrees to Return Smuggled Artefacts to Iraq

    May 3, 2018
  • United Airlines airplane

    United Airlines to Resume Pet Reservations in July

    May 2, 2018
  • Nikola Motors truck

    Tesla Motors Faces $2Bn Lawsuit for Allegedly Copying Electric Truck Design

    May 2, 2018
  • T-Mobile logo sign

    T-Mobile Just Sealed the Deal to Buy Sprint

    Apr 30, 2018

Categories

  • Business
  • Company News & Financials
  • Diversified Financial
  • Entertainment
  • Featured
  • Health & LifeStyle
  • Micro Cap
  • Mid Cap
  • National News
  • Nature
  • OTC Exchange
  • OTC Markets
  • OTC Research
  • Science
  • Small Cap
  • Sports
  • Tech & Science
  • U.S.
  • Uncategorized
  • Wall Street
  • World
  • World Indexes

Copyright © 2021 wallstreetotc.com

About · Privacy Policy · Sitemap · Terms of Service · Contact