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Uber's ex-CEO to sell nearly a third of his stake in the company

SoftBank's investment deal will reportedly earn Travis Kalanick $1.4 billion.
Co-founder and Chief Executive Officer (CEO) of US tranportation company Uber Travis Kalanick wears a helmet as he speaks at an event in New Delhi on December 16, 2016. MONEY SHARMA via Getty Images

Uber's big investment deal with SoftBank may place some limits on power held by co-founder and ex-CEO Travis Kalanick, but it will reportedly put a significant amount of cash in his pocket. Bloomberg and Reuters report that according to anonymous sources, Kalanick will reduce his stake in the company by a third, selling 2.9 percent of Uber's shares for about $1.4 billion after leaving the company last year following a series of scandals. Meanwhile, new CEO Dara Khosrowshahi can focus on things like the case vs. Waymo over self-driving technology.

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