The co-founder of Uber Travis Kalanick is now reportedly a billionaire after a $9.3 Billion investment deal which has taken place.
Travis Kalanick who stepped down as the CEO In June has reportedly sold around $1.4 Billion dollars worth of shares in Uber to Japan's Softbank, although this unload of shares means that Kalanick will have less control he still has huge ties to Uber and still holds large amounts of shares in the company which have a reported worth of $3 Billion. Although Kalanick has been wealthy for some time now since helping to launch the popular driving app this deal cements his wealth while also taking it to new heights.
Kalanick's powers at Uber will be massively reduced, he will however still hold a seat on the Uber board. However, Japan's Softbank who is purchasing 29% of Kalanick's combined shares in Uber will now gain 2 seats at the Uber board, reducing the power Kalanick has at the company even more.
However, this deal will indeed benefit Uber massively for the years ahead. This huge cash injection will help Uber expanded and Improve their services and will help them achieve their goal of reaching every city in the world.
Softbank who has already invested in Uber said that they are "very pleased" with the deal that has taken place between themselves, Travis Kalanick and Uber. Uber also seem pleased with the deal as a representative for the company stated: "a great outcome for our shareholders, employees, and customers, strengthening Uber's governance as we double down on our technology investments and continue to bring our services to more people in more places around the world".
Time will now tell how this deal will affect the efficiency of uber and how it will affect the power that Travis Kalanick has in the ever-growing transport app.
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