5 January 2018, 01:42 GMT
Former Uber Technologies Inc. Chief Executive Officer Travis Kalanick, who has long boasted that he’s never sold any shares in the company he co-founded, plans to sell about 29 percent of his stake in the ride-hailing company, people with knowledge of the matter said.
Kalanick stands to reap about $1.4 billion from the transaction with SoftBank Group Corp. and a consortium of investors who have agreed to buy equity valuing Uber at $48 billion, said the people, who asked not to be identified discussing private negotiations.
Kalanick, who owns 10 percent of the company, had offered to sell as much as half of his stake -- the maximum board members were allowed to tender.
Kalanick, berating an Uber driver who was complaining about his slave wages
Mobile ad agency Fetch has filed a lawsuit against Uber, claiming that the taxi app firm owes it $19.7 million in unpaid invoices.
The move marks the latest step in a legal row that started in September. Uber had initially sought $40 million in damages from Fetch, alleging that the Dentsu-owned agency billed it for fake clicks on its online ads, allegations that Fetch denied.