Tech & Science Uber ex-CEO Kalanick selling nearly a third of stake for $1.4 billion: source

17:36  05 january  2018
17:36  05 january  2018 Source:   Reuters

World's Wealthiest Gain $1 Trillion in '17 on Market Exuberance

  World's Wealthiest Gain $1 Trillion in '17 on Market Exuberance The richest people on earth became $1 trillion richer in 2017, more than four times last year’s gain, as stock markets shrugged off economic, social and political divisions to reach record highs. The 23 percent increase on the Bloomberg Billionaires Index, a daily ranking of the world’s 500 richest people, compares with an almost 20 percent increase for both the MSCI World Index and Standard & Poor’s 500 Index.Amazon.com Inc. founder Jeff Bezos added the most in 2017, a $34.2 billion gain that knocked Microsoft Corp. co-founder Bill Gates out of his spot as the world’s richest person in October.

(Reuters). Uber Technologies co-founder Travis Kalanick , who was ousted as chief executive in June, is selling nearly a third of his 10 percent stake in the ride-services company for about $ 1 . 4 billion , a person familiar with the matter said on Thursday.

Pic: ReutersUber Technologies Inc co-founder Travis Kalanick , who was ousted as chief executive in June, is selling nearly a third of his 10 percent stake in the ride-services company for about $ 1 . 4 billion (1.03 billion pounds), a person familiar with the matter said on Thursday.

a man holding a sign: FILE PHOTO: Uber CEO Kalanick speaks to students during an interaction at IIT campus in Mumbai© REUTERS/Danish Siddiqui/File Photo FILE PHOTO: Uber CEO Kalanick speaks to students during an interaction at IIT campus in Mumbai Uber Technologies Inc co-founder Travis Kalanick, who was ousted as chief executive in June, is selling nearly a third of his 10 percent stake in the ride-services company for about $1.4 billion, a person familiar with the matter said on Thursday.

Kalanick's sale is part of a deal struck by a consortium led by SoftBank Group Corp which is taking a 17.5 percent stake in Uber, mostly by buying 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.

Uber warns of surge pricing ahead of NYE

  Uber warns of surge pricing ahead of NYE Ride sharing giant Uber is warning customers of surge pricing ahead of New Years Eve. While Uber surge pricing will come as no surprise to Sydney's New Year's Eve revellers, the ride share giant has warned the increased cost will also apply to it's lesser known taxi partnership.UberTAXI, which is used by licensed taxi drivers when they can't get conventional fares, has until recently been restricted from applying surge pricing to customers.However, regulatory reform in NSW means the taxi function has been allowed to apply surge pricing to customers from December 1.

(Reuters) - Uber Technologies Inc co-founder Travis Kalanick , who was ousted as chief executive in June, is selling nearly a third of his 10 percent stake in the ride-services company for about $ 1 . 4 billion , a person familiar with the matter said on Thursday.

FILE PHOTO: Uber CEO Travis Kalanick said to sell a third of his Uber stake for $ 1 . 4 billion REUTERS/Danish Siddiqui/File Photo. Uber Technologies Inc co-founder Travis Kalanick , who was ousted as chief executive in June, is selling nearly a third of his 10 per cent stake in the

The SoftBank deal values Uber at $48 billion, about a 30 percent discount from its most recent valuation of $68 billion. However, the investor consortium is also making a $1.25 billion investment of fresh funding at the older, higher valuation.

Kalanick had offered to sell half of his total shares, but because there was a limit on how much SoftBank will buy, he will sell just 29 percent, according to the source. Other investors also did not get to unload as many shares as they had hoped because of such widespread interest to sell.

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.

Ride-hailing first tested in US cities: In July 2010, Uber went live for the first time in San Francisco before spreading to other American cities. It quickly grew into a global operation, and today offers ride-hailing services in 600 cities. Along with Airbnb, Uber has seized on the rise of smartphone apps to power the sharing economy. But its huge growth has been met with fierce opposition from regulators and traditional taxi firms. Uber: The highs and lows of the ride-hailing superstar A spokesman for Kalanick declined to comment. SoftBank and Uber could not be reached immediately for comment.

Huawei Sees Slowest Growth in Years as It Takes on Apple

  Huawei Sees Slowest Growth in Years as It Takes on Apple Huawei Technologies Co. warned of its slowest revenue growth since 2013, despite making headway against Apple Inc. in global smartphones. Revenue at China’s biggest telecommunications gear maker probably rose 15 percent to 600 billion yuan ($92 billion) in 2017, rotating Chief Executive Officer Ken Hu said in a letter to staff posted on the company’s verified WeChat account. That’s down from 2016 when sales jumped 32 percent. The company shipped 153 million smartphones.

(Reuters) – Uber Technologies Inc co-founder Travis Kalanick , who was ousted as chief executive in June, is selling nearly a third of his 10 percent stake in the ride-services company for about $ 1 . 4 billion , a person familiar with the matter said on Thursday.

Uber Technologies Inc co-founder Travis Kalanick , who was ousted as chief executive in June, is selling nearly a third of his 10 per cent stake in the ride-services company for about $ 1 . 4 billion , a person familiar with the matter said on Thursday.

The sale would make the Uber co-founder a billionaire for the first time, not just on paper. Kalanick has never before sold shares of the company he ran for almost a decade, the source said.

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.

The transaction marks a victory for new CEO Dara Khosrowshahi, who helped broker the deal and who will benefit from a deep-pocketed investor like SoftBank.

Bloomberg first reported Kalanick's plans to sell part of his stake.

(Reporting by Liana B. Baker and Heather Somerville in San Francisco; Additional reporting by Philip George in Bengaluru; Editing by Lisa Shumaker and Muralikumar Anantharaman)

How to make sense of Canva's $1 billion valuation .
Canva's ascension to 'unicorn' status is shining a light on the murky, misunderstood world of start-up funding.Unicorns are mythical creatures. Both in the ancient literature sense - and in the billion-dollar start-up sense.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!