Uber’s co-founder plans to sell a third of his stakes in the company

Former Chief Executive Officer and co-founder of Uber Technologies Inc. Travis Kalanick plans to sell about 29% of his stakes in the company, Bloomberg reported.

Kalanick is expected to grab around $1.4 billion from the SoftBank Group Corp transaction. However, the investors that are agreed to buy Uber equity valued it at $48 billion, said the people, who asked not to show their identification.

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People claimed that he had to pare back the amount because of limits defined in the agreement, which was signed between Uber and the buyers.

Kalanick owns 10 percent of the Uber’s stakes and plans to sell 29 percent of his stakes. The company allowed maximum board members to tender.

Kalanick was forced to resign from the company last year when the company started facing the government legal investigations into how it does business. He also clashed with company’s another biggest and earlier investors.