Uber’s ex-boss wants to sell 29 per cent of shares

NEW YORK: Ousted Uber boss Travis Kalanick (pictured) plans to sell 29 per cent of his stake in the US ridesharing giant for about $1.4 billion, Bloomberg reported on Thursday, citing an unnamed source familiar with the matter. Kalanick, who co-founded the company and owns 10 per cent of it, would sell the shares as part of the deal that will see a group of investors led by Japanese tech titan SoftBank acquire a major stake in Uber. The new investment, which will be finalised in January, was based on calculations valuing Uber at $48 billion, Bloomberg said. Uber is seeking to move past a series of scandals and missteps and reform its board structure as it gears up for a 2019 public share offering. Kalanick was ousted as CEO in June, but retains a seat on Uber’s board.— AFP