Travis Kalanick, the former CEO of Uber who also co-founded the company, has plans to sell $1.4 billion worth of stock in the company.
The news comes from a source familiar with the arrangement who spoke to CNBC.
Selling that much stock is 29% of Kalanick’s stake in the company. He will be selling his shares as part of a tender offer between SoftBank and Uber which will value the company at $48 billion.
Kalanick had plans to even sell as much as half of his stake in the money but due to agreements between the company and buyers, he had to limit the sale to 29%.
It was last summer that Kalanick resigned from the company in the midst of controversy.