Travis Kalanick,the Uber co-founder will become a billionaire. Some  investors agreed to take a large stake in the ride-hailing firm.

This  consortium led by Japan’s Softbank will buy a chunk of the company from  the existing shareholders as well as new Uber shares in a $9.3bn (£6.7bn) deal.

Mr Kalanick stepped down as chief executive in June, is selling $1.4bn worth of stocks.

While he had long been worth billions on paper, this deal cements his wealth.

He remains one of the directors at the company and is offloading less than a third of his holding – meaning he still has a stake that’s currently worth about another $3bn.