Travis Kalanick to sell 29% of his stake in Uber for $1.4 billion

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

Kalanick, who resigned as CEO last summer following controversy, would sell his shares as part of a tender offer between SoftBank and Uber that will value the company at $48 billion. As originally reported by Bloomberg and confirmed by CNBC's source, Kalanick had wanted to sell as much as half of his stake in the company, but had to limit that amount due to agreements between the company and its buyers.

CNBC's source said that the sale was oversubscribed, so each party was only allowed to sell 58 percent of what they'd wanted.

https://www.cnbc.com/2018/01/04/ube...elling-1-point-4-billion-worth-of-shares.html

 

A multi-billionaire for building a company that has never made a profit and may never make a profit.

 

This rat wants to jump the ship. If he is to be found guilty in any of the Justice Department investigations, he'll spend some time in prison.

Almost a year ago he told an Uber driver - "some people don't like to take responsibility for their own ****. They blame everything in their life on somebody else. Good luck! " to which the Uber driver replied - "Good luck to you too, I know that you aren’t going to go far."

TK was Uber's main problem from day one, and I think he needs a long vacation inside a prison cell.

 

Fortunately, TK is no longer at the helm of the "too big to fail" company.

 

This was what it was all about from the gitgo, folks. What he has done is steal from drivers to make this money, he's a criminal.

 

Apparently there was a wide spread interest by Travis and other early investors and employees to sell before Uber's planned 2019 IPO, but Softbank said no:

https://www.zerohedge.com/news/2018-01-05/kalanick-sells-third-his-uber-stake-14-billion

''One week after Uber lost the title of the world's most valuable startup to its Chinese competitor Didi Chuxing, when company shareholders sold roughly $10 billion in stock to Softbank at a 30% discount to its most recent valuation of $68 billion, accepting a value of $48 billion as fair, overnight the WSJ reported that Uber's former CEO and co-founder Travis Kalanick, who was ousted as chief executive in June, was selling nearly a third of his 10% stake for about $1.4 billion.

Kalanick’s sale is part of the deal that was struck by a consortium of investors led by SoftBank which is taking a 17.5% stake in Uber, mostly by purchasing shares from early investors and employees. SoftBank last week secured agreements from shareholders who were willing to sell, and the deal will close early this year, Uber said.

According to the WSJ, Kalanick had originally offered to sell as much as half of his total shares, but because there was a limit on how much SoftBank would buy, he agreed sell just 29%. Other investors also did not get to unload as many shares as they had hoped because of such widespread interest to sell. And, as Reuters summarizes:

The former CEO owns 10 percent of the company, which means his sale will unload 2.9 percent of Uber shares and earn him about $1.4 billion, the source added.

The bad news for Uber investors is that this sale by its former CEO at a sub-$50BN valuation limits any potential upside in the company for a long time, if not ever. The good news for Kalanick, is that it makes the Uber co-founder a billionaire for the first time, not just on paper.

Kalanick had never before sold shares of the company he ran for almost a decade.

The SoftBank deal offers investors and employees what could be their last chance to sell shares in a company-approved transaction before Uber’s long awaited initial public offering, planned for 2019.

Finally, the sale is also a victory for new CEO Dara Khosrowshahi, who helped broker the deal in hopes of cashing out some of the company's legacy investors and who will benefit from a deep-pocketed investor like SoftBank.''

 

So it was a selling spree?

That’s not a good sign lol...

Writing is on the wall folks.

 

The question is who would be dumb enough to buy it since Uber is getting shut down in a lot of places.

 

T. Kalanick dun did sold the other investors and Soft Bank the proverbial "bill of goods". This is not inconsistent, as I saw his manipulative tactics first hand when he testified before the D.C. City Council. He was a Master of the Grift and he pulled it off on those morons. He found the right one with whom to "make arrangements". The others got the benefit, too. One of them did finally turn against Uber, but that was only after he got primaried thus no longer got to participate in the "arrangements". He got primaried precisely because he had too much [solid waste] with him, not a small part of which was connected to the cab business.

Neither you drivers nor your customers need worry, though. If Uber does crash, Lyft will fill what part of the void that it can and some other company will step up to take Lyft's Number Two, We Try Harder, position. Those of you who are on Scruber might want to consider signing up for Gryft now, in order to beat the rush. Once Uber starts to totter, no doubt that Lyft will live up to its derogatory name and charge new sign-ups thirty per-cent.

 

Softbank was..

 

A lot of people are forgoing owning their own car these days in order to be able to buy a family home. The price of that 'needed' college education seems to have sky rocketed more than almost any other sector. In 1980, I can remember a 4 year business degree costing around $10,000 from PSU, UCONN, ASU, etc. Today that 4 year business degree can run you close to $200K (~20X more). Essentially, the younger generations are having to buy 2 houses these days - their college education and then their family home - all without their wages going up.

Whether or not that's a big enough driving force in society to keep Uber and other ride share companies in business remains to be seen.

 

Ha, he wanted to sell more, but Softbank wouldn't let him.

 

The way a classic Ponzi scheme works is the top of the pyramid folks walk off with a nice payday and the suckers get left holding their ubers.

 

Made a Profit for Him !

Next . . .

Thank the cheap IMPORT LABOR FOR DECADES OLD WAGE STAGNATION !

Travis says " Every Man Needs a ' Man Cave'"

They will LEGISLATE their way into solvency

 

The geniuses put a billion in a company that is losing billions every year lol.

 

Question is . . .
What is Garret Camp doing ?

The quiet ones must be watched .

The Magician always has you Watch the " focus" hand . . .

What is the ' Other' hand up to ?

Who is that man behind the curtain ?

 

heres to a high priced escort giving him aids he cant cure & or he chokes on it wish it was 100% he has to pay for it now but he still wins if 75K a year buys happiness he has generations of coke to binge on

would be nice if he only got 100K for it

a lot of billionaires or funds would love a 2.9% stake in uber risky as hell lot of upside for pocket change

travis just cashed out a billion from his ponzi madoff would be proud

 

Anyone interested in INTEL stock ?

Free " N.S.A. BACKDOOR" inside !

 

a decent car is $10-$15 a day insurance included, not owning a car in a country built to own a car is so short sited & ignorant its 1-2 ubers a day, they own homes but they not next to work not to mention you really want to have your entire existence & movement dependent on a stranger or company, electricity, internet, cell phone, enough credits, credits working to leave a mile radius a personal jetsons utopia?
would you not teach kids to read because they have audio books? this not owning a car is non sense outside maybe new york & a handful of places driving will be a necessary adult skill for decades... self driving cars in 2-3 years or that theyll be cheapear & masses will use them is nonsense call me in 2035 for that non sense....

self driving golf carts make more sense a society that used to walk, bike, horse miles a day too lazy to go an 1/8th a mile to their star bucks or walmart so they summon exploited labor for $7 at 41% costs to tip their barista for baby cocaine marked up 7000% then the middle man sociopath passes down $2 net this is real life haha you think "adults" who cant afford a car are paying their credit cards to zero & have good credit? haha they paying interest on those "cheap" rides brilliant ponzi & trap...