Uber’s co-founder and former CEO Travis Kalanick is reportedly selling 29% of his shares worth $1.4 billion in Uber, reports Bloomberg. The development is part of the recent Softbank deal, in which it is acquiring 18% stake along with co-investors from Uber’s current stakeholders of the company such as employees and investors.

Kalanick who had to step down as CEO in June 2017 but remained on Uber’s board of directors owns 10% stake in the cab aggregator and wanted to sell at least half of his stake, as per the Bloomberg’s report. However, the same report says that Kalanick could the amount owing to limitations of agreement between the buyers and Uber. According to this Reuters report, Kalanick will continue to remain a board member of the company.

Uber’s valuation

According to this report by the Associated Press, Uber’s early investors didn’t get the price they wanted, have rather sold shares at roughly 30% lower than what they were worth in 2016.  However, it adds that those who invested early in the company have still made nearly 100 times their initial stake, going from around 35 cents per share to just under $33.

Uber was valued at around $68.5 billion in 2016, but it dropped down to $48 billion in the SoftBank deal announced last week. There are multiple reasons for this downgrade in the value. The cab aggregator was plagued by a string of controversies like scandals, lawsuits, bans, and fights throughout 2017. There was also competition from companies like Ola in India and Lyft and Grab in the US. The failure to gain a foothold in China must not have helped either.