Former Uber CEO and co-founder Travis Kalanick plans to sell 29 percent of his stake in the ride-sharing service, realizing an estimated $1.4 billion from the deal. He owns an estimated 10 percent of Uber and reportedly has never sold shares in the company.
Also selling Uber shares is Benchmark, a venture capital firm, which is reportedly moving 15 percent of its holdings worth about $900 million. Both Kalanick and Benchmark will retain seats on the Uber board, according to reports.
The buyers for both stakes is an investment consortium led by SoftBank, the Japanese conglomerate, which recently agreed to buy $10 billion of Uber stock.
Kalanick has been laying low following his resignation last year from Uber following allegations of sexual harassment in the company, incidents of covering up information from regulators, and failure to disclose a hack attack that stole driver and passenger information.
Kalanick previously ran entertainment technology file-sharing services Scour and Red Swoosh.