Uber is about to drop its IPO, and Travis Kalanick wants a part of it.
Of course, the company's co-founder was ousted as its CEO amid a bevvy of issues in mid-2017, yet he's still reportedly going to show up when Uber goes public on the New York Stock Exchange on Friday morning — and he'll probably make a few billion dollars off its offering.
Kalanick dealt with some personal struggles and public company scandals before leaving the company amid a shareholder revolt. Dara Khosrowshahi took over as CEO, and so far hasn't shaken the company's shifty, workers'-rights-violating reputation. Still, Khosrowshahi is moving to take the company public on Friday, with a source telling CNBC that Uber will price its shares at $45. That would give it a massive $82.4 billion valuation.
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But no matter what Kalanick did to get Uber to that spot, he won't be allowed to ring the bell with Khosrowshahi on Friday morning, Axios reports. He and his father will instead be relegated to the stock exchange floor, Fox Business says.
That snub may have something to do with Kalanick's troubled tenure, but could also stem from the fact that his newest venture is pretty much a direct competitor with Uber Eats. He has a controlling stake in the company running CloudKitchens, which rents out kitchen space to chefs looking to run delivery-only food services, The South China Morning Post recently reported. Whatever the reasoning, Kalanick can exact revenge by picking up an estimated $9 billion thanks to the 8.6 percent share he still holds in Uber, TechCrunch notes.
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