Jan 5, 2018

Travis Kalanick offered to sell half his Uber shares

Lazaro Gamio / Axios

Former Uber CEO Travis Kalanick tendered half his 10% stake in the ride-hail giant to Japan's SoftBank, via a process that concluded just before year-end. The offer was oversubscribed by 42%, so he ultimately will be allowed to sell 29% of his holdings.

Why it matters: Kalanick often talked about how he had never sold a single share in Uber, saying it reflected his belief in the company's future fortunes. This stood in stark contrast to how many other "unicorn" CEOs cashed in before their companies went public.

Of course that was while he was still running the show, which he hasn't been since being effectively fired over the summer in a coupe led by venture capital firm Benchmark.

Bloomberg was first to report the Kalanick tender details, which Axios has separately confirmed with a source with knowledge of the situation.

Bottom line: Kalanick has often been referred to as a billionaire, but that's always been on paper. Now it will be legitimate.

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Axios

Updated 12 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

Global: Total confirmed cases as of 4:30 p.m. ET: 20,439,274 — Total deaths: 744,941— Total recoveries: 12,632,604 — Map.
U.S.: Total confirmed cases as of 4:30 p.m. ET: 5,180,226 — Total deaths: 165,510 — Total recoveries: 1,714,960 — Total tests: 63,252,257 — Map.
Politics: Pelosi says Mnuchin called her, White House is "not budging" on stimulus position.
Business: U.S. already feeling effects of ending unemployment benefits.
Public health: America is flying blind on its coronavirus response.
Education: New Jersey governor allows schools to reopen — Gallup: America's confidence in public school system jumps to highest level since 2004.

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Orion Rummler

Updated 1 hour ago - Politics & Policy

Pelosi says Mnuchin told her White House is "not budging" on stimulus position

Democrats and the Trump administration remain "miles apart" on negotiations over a coronavirus stimulus deal, House Speaker Nancy Pelosi (D-Calif.) said on Wednesday.

The latest: Around 3 p.m., Pelosi and Senate Minority Leader Chuck Schumer (D-N.Y.) issued a statement saying that Treasury Secretary Steven Mnuchin had initiated a phone call and made clear that the White House is "not budging from their position concerning the size and scope of a legislative package."

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Orion Rummler

2 hours ago - Politics & Policy

New Jersey governor allows schools to reopen for in-person learning

Gov. Phil Murphy in December 2019. Phoot: Tayfun Coskun/Anadolu Agency/Getty Images

New Jersey Gov. Phil Murphy (D) announced Wednesday he will sign an executive order allowing private and public K-12 schools and universities to reopen for in-person learning in September.

The big picture: New York and New Jersey have now authorized school districts to begin reopening. Both states and Connecticut ordered travelers from 31 states to quarantine before crossing their state borders after they were able to manage the pandemic.