The old guard at Uber continues to dissipate, with embattled co-founder Travis Kalanick recently selling a stake worth $1.4 billion.
Earlier this month, Kalanick reached a $1.4 billion deal with Japanese banking giant SoftBank, who negotiated a 30-percent discount of shares in a tender offer. Now, Softbank is the brand’s largest shareholder.
The ride-hailing giant’s value is estimated to be $48 billion.
“We’re proud to have SoftBank, Dragoneer and the entire consortium in the Uber family. This is a great outcome for our shareholders, employees, and customers,” said an Uber spokesperson in a statement.
Kalanick’s June 2017 ouster came amidst a torrent of legal and public-relations disasters on all fronts, from competitor spying using proprietary software, alleged sex assaults, and a blowup by Kalanick caught on tape with a complaining Uber driver over reduced wages. This, combined with a mass employee exodus, left the company in dire straits. Replacing him was Dara Khosrowshahi, Expedia’s former CEO.
Softbank also holds investments in other ride-hailing companies, including India-based Ola and Grab, a Singaporean platform.