Travis Kalanick was is a co-founder and former CEO of Uber Technologies Inc., with a longstanding reputation for never selling any of his shares in the company. That’s about to change, as he announced plans to sell about 29 percent of his stake in Uber, a move bound to net him a pretty hefty check.
As the SoftBank Group Corp. purchase of a large number of Uber shares is to take place soon, Kalanick will take in about $1.4 billion from the transaction. Kalanick currently owns 10 percent of the company and offered to sell the maximum amount of his stake, which is about half of what he had. He had to cut back on his offer, as the amount he would’ve received would have stretched beyond the agreed terms between Uber and the buyers.
After a pretty rough year before his pressured exit as CEO of Uber, Kalanick is probably glad about this deal. The terms of the deal bar sellers from parting with more than 58 percent of shares initially offered, keeping the former CEO from selling as much as he wanted. All in all, it seems that the amount he received is pretty adequate by many peoples standards, especially since he still has some control in the company left.