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Travis Kalanick Completes Sale of $1.4 Billion Uber Stake to Softbank

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.