SoftBank Seals 1.4bn Investment Deal with Uber

A consortium led by the Japan multinational telecommunications corporation, SoftBank, sealed an investment deal of $1.4 billion with Uber Technology Company. SoftBank currently has a 20 percent stake in Uber, making it Uber’s largest shareholder.

Co-founder of Uber, Travis Kalanick, who resigned due to a series of scandals and accusations leveled against him, sold 29% of his stock, part of which was bought by SoftBank. The sale of the shares does not only get SoftBank two seats on Uber’s board but also made Travis Kalanick, the next real-cash billionaire in the world.