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Travis Kalanick is going to sell 29% of his stake in Uber to Softbank

Travis Kalanick is going to sell 29% of his stake in Uber to Softbank
[Photo: Flickr user Strelka Institute for Media, Architecture and Design>/a>]

The sale will see the former Uber CEO reap around $1.4 billion in profit, reports Bloomberg. The purchase by Softbank and a group of other investors means Uber will have a valuation of around $48 billion now. For Kalanick, it means he’ll become a billionaire for the first time. Before the sale, Kalanick owned 10% of Uber, and Bloomberg’s report says he was willing to sell as much as 50% of his stock, but company limits forced him to pare back the amount.MG