Published: Fri, January 05, 2018
Markets | By Noel Gibbs

Softbank Plays Hardball On Uber, Gets 30% Discount, Kalanick $1.4 B

Softbank Plays Hardball On Uber, Gets 30% Discount, Kalanick $1.4 B

Uber's cofounder and former CEO Travis Kalanick is planning to sell $1.4 billion (S$1.9 billion) of stock in the company, or 29 per cent of his stake, a source familiar with the arrangement told CNBC.

Several other Uber shareholders sold much of their holdings, including Menlo Ventures, which parted with a similar percentage of its holdings as Kalanick did.

If the sale goes through, Kalanick stands to become a billionaire, but the deal still comes as a surprise considering that he previously boasted about having never sold a single Uber share before, said TechCrunch.

Charge on coffee cups to boost recycling proposed by United Kingdom lawmakers
Even when consumers place coffee cups in recycling bins, there's now no way for recycling plants to recycle them. However, due to their plastic lining, customers who put them in the recyclable waste effectively contaminate it.


The deal has always been expected, and would unite one of the world's most ambitious tech investing funds with one of the most valuable start-ups. That tender offer, which concluded late last month, values Uber at $48 billion-a.

SoftBank last week secured agreements from shareholders who were willing to sell, and the deal will close early this year, Uber said.

Kalanick was forced from his position as chief executive of Uber a year ago after a series of embarrassing revelations.

Alex Trebek Takes Medical Leave from JEOPARDY! Following Blood Clot Surgery
However, none of these health problems have dissuaded Trebek from hosting the quiz show . His prognosis, he said, is "excellent" and he will be back to tape " Jeopardy! ".


When Softbank's investment plans are complete, Uber's board is expected to rise from 11 members to 17 members, with a number of fresh executives appointed by Softbank and its consortium.

Uber declined to comment for this story. Bloomberg reports that Softbank played hardball with the sometimes troubled tech unicorn, agreeing to pay a discounted price for shares to acquire 15 percent equity in the company.

Mohamed Salah wins African Player of the Year for 2017
Salah, who was crowned player of the month in November, hopes to win the award for the second consecutive month. He was also instrumental to Egypt's qualification for the 2018 FIFA World Cup in Russian Federation .


Like this: