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Uber's former CEO said to cash in at $1.4B in Softbank deal - CNET

Former Uber CEO Travis Kalanick is cashing in. James Martin/CNET

The world looks like it's about to get a new billionaire: former Uber CEO Travis Kalanick.

Uber has confirmed that it closed its deal with a consortium led by Japanese internet giant SoftBank Group on Thursday selling a 20 percent stake in its shares. Once the deal is officially done, Kalanick reportedly will walk away with $1.4 billion, according to CNBC.

The agreement comes at a time when Uber is working to clean up after a year of scandals, which involved everything from sexual harassment allegations to five federal investigations to a trade-secret theft lawsuit from Waymo, the self-driving car unit owned by Google's parent company Alphabet. Kalanick was ousted from Uber in June and former Expedia CEO Dara Khosrowshahi took over in August.

In November, Uber confirmed the deal led by Softbank agreeing to sell $10 billion of its stock to the Japanese company. While Softbank is buying a 15 percent stake,...(continued)

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