Uber co-founder set to become billionaire

Uber might see its long-term future in autonomous vehicles, but right now its former chief executive is reportedly laughing all the way to the bank.

Travis Kalanick, who is also the company’s co-founder – is set to sell 29% of his Uber stock for US$1.4 billion (NZ$2 billion), Bloomberg reports.

Kalanick owns 10% of all Uber shares, reportedly valued at US$4.8 billion.

The former Uber boss resigned his post in June 2017 after questionable practices relating to deceiving regulators and customers were raised.

Uber has had a tough time of it lately, facing a lawsuit from Google’s self-driving car company, Waymo.

Waymo claims Uber stole its technology when it bought self-driving truck company Otto.