Travis Kalanick, the former chief executive of Uber, is selling almost one third of his 10 per cent stake in the ride-hailing firm, according to reports.
Kalanick has agreed to sell 29 per cent of his holding for $1.4bn (£1bn), Bloomberg first reported. The sale is part of a deal struck by a SoftBank-led consortium, which is buying a 17.5 per cent stake in Uber.
The SoftBank deal values Uber at $48bn, about a 30 per cent discount from its most recent valuation of $68bn.
Kalanick, who helped found Uber, stepped down from the chief exec post in June last year, after facing a shareholder revolt over his leadership.
His departure followed the news he was taking a leave of absence after an investigation into the company off the back of several scandals, including employee allegations of sexual harassment.
Uber is currently battling to maintain its operation in London, appealing a Transport for London decision not to renew its licence in the capital. In November last year, London mayor Sadiq Khan warned the appeal process is likely to go on for years.