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

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

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

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

Mr Kalanick was driven out of the top job by a series of scandals, but his ties with Uber remain strong.

He remains a director 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.

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