It seems as though Travis Kalanick has been quiet lately in the tech world after the latest data breach scandal where Kalanick was held partially responsible. Last week, TechCrunch reported that the former CEO plans to sell almost 29% of his shares in Uber, worth about $1.4 billion, to Softbank.
Kalanick sits on the board of Uber and currently owns 10 percent of the company. He had offered to sell as much as half of his stake, but the number was brought down due to the limits outlined by the buyer-seller agreement.
Previously Kalanick stated he would never sell his Uber shares, but in light of the recent events that have plagued Uber over the past year, this deal would give Kalanick billions. Kalanick was pressured to resign last year, and was held responsible for many of the sexual assault allegations at Uber and the toxic corporate culture. Kalanick also reportedly did not get along with Benchmark, one of Uber’s largest investors. Benchmark was the company that ultimately pushed Kalanick to resign in the first place, and they made a deal with SoftBank to limit Kalanick’s power going forward.
SoftBank is investing in Uber and the deal is expected to close later this month, a highly anticipated event. Under this new investment deal, Kalanick’s influence would be widely decreased as a member of the board at Uber. Under these terms, Kalanick will not be permitted to be chairman or CEO of the board in the future.