Uber co-founder Travis Kalanick a billionaire after $8bn investment dealUber co-founder Travis Kalanick will officially become a billionaire, after investors agreed to take a large stake in the ride-hailing firm. A consortium led by Japan's Softbank is buying a chunk of the company from existing shareholders as well as new Uber shares in an $8bn ($5.8bn) deal. Mr Kalanick was driven out of the top job by a series of scandals, but his ties with Uber remain strong. Of that $8bn, about $1.25bn is a cash investment in new shares, with the rest going to existing Uber investors. As part of the deal, Uber's board has expanded from 11 to 17 directors, with Softbank's investor group taking two of the new seats.

Source: VietNamNet News January 19, 2018 05:26 UTC