SoftBank seals deal to make 1 billion investment in Uber, buy shares from investors

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SoftBank seals deal to make 1 billion investment in Uber, buy shares from investors
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Kalanick, who controls 3 of 11 seats on the Uber board, agreed to allow a majority of board members to vote on any future appointments he makes, according to the person. Benchmark agreed to suspend a lawsuit against Kalanick and drop it once Softbank gets through a one-month tender offer period that will start in about two weeks. Benchmark, a major Silicon Valley venture capital firm that was among Uber's early backers, alleged in the lawsuit that Kalanick covered up turmoil and legal threats at Uber.

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