Uber's Travis Kalanick to net £1bn from selling 29pc of Uber stake

Uber Co-Founder Kalanick Plans to Sell 29% of His Shares in Company

Uber Co-Founder Kalanick Plans to Sell 29% of His Shares in Company

Travis Kalanick is planning to sell 29 percent of his shares in Uber in a deal which would net the former CEO roughly $1.4 billion.

Mr Kalanick, who remains on the board but was ousted as chief executive previous year after a series of scandals, is planning to sell 29pc of his stake as part of a broader deal between Uber and a consortium led by Japan's Softbank, Bloomberg reported. This may be one of the reasons why Kalanick is selling his shares despite sitting on the board of directors. This sale was despite the fact that Alphabet's self-driving vehicle subsidiary Waymo was suing Uber for stealing trade secrets. This is a reflection of the struggles Uber experienced in 2017.

Grigor Dimitrov has Reached the 1/2-final in Brisbane
The first semi-final between De Minaur and Harrison is not before 12.30pm local time, which is 2.30am United Kingdom time. The women's final will feature No. 3-seeded Elina Svitolina against Belarusian qualifier Aliaksandra Sasnovich.

Kalanick is known for his aggressive management tactics. But once Softbank's deal with Uber is completed, management reforms will further attenuate his control. In September, faced with a proposal to dilute his voting power, Kalanick appointed two additional members to the board in an attempt to consolidate his control. SoftBank had been hinting of taking its billions of dollars and global influence to back rival Lyft.

The former CEO owns 10 percent of the company, which indicates his sale will discharge 2.9 percent of Uber shares and earn him about $1.4 billion.

Sydney set to swelter following hottest day in 80 years
Australia's largest city recorded its hottest day since 1939 as the mercury rose to 47.3C in the western suburb of Penrith. It was a relatively warm start to the day even at dawn as the mercury failed to dip below 22 in Sydney overnight.

The stock dump is connected to a transaction between the company and Softbank Group, a Japanese corporation that has been mulling substantial investments in the company, according to Bloomberg. Kalanick did not want competitors to get ahead. In addition to the Kalanick sexual harassment allegations, government investigations into bribing officials in Asian countries and the use of software to dodge regulators, lawsuits regarding business practices, and problems with investors such as Benchmark and Alphabet.

Father of Texas girl found in Colorado believes suspect was stalking her
Banks said Miles' vehicle started to drive erratically and a law enforcement official waited for backup before engaging the auto . Miles, who is believed to have been Bates' roommate, was immediately eyed as a suspect in the girls' disappearance.

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