Term Sheet — Friday, January 5 [Fortune]
JC PENNEY (JCP)
Last jc penney earnings: 2/27 07:30 am
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Source: Fortune
By Polina Marinova 9:42 AM EST THE BILLIONAIRE CLUB Happy Friday, Term Sheet readers! Uber co-founder Travis Kalanick used to boast that he had never sold a single Uber share , which emphasized his conviction that the ride-hailing giant would continue to dominate the market. Things changed this week. Kalanick plans to sell 29% of his stake in Uber. This means the ex-CEO will sell equity worth about $1.4 billion to Japan’s Softbank Group. Kalanick had originally offered to sell as much as half of his 10% stake, but he had to pull back due to limits outlined in the agreement. One of the wealthiest people in the world on paper is now an actual billionaire. So what now? We’ve got an ex-CEO sitting idly on the sidelines with a billion dollars on his hands. Several sources tell Term Sheet that Kalanick will use the money to start
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