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Car TalkMeet The Most Powerful V8 Ferrari In History by Bmedels26(op): 11:35am On Feb 22, 2018
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The hardcore Ferrari 488 Pista has been officially revealed ahead of its debut at the Geneva Motor Show. As expected, Ferrari’s Porsche 911 GT2 RS fighter is faster and significantly lighter than the standard 488 GTB, while inheriting components from its race car counterpart, the incredible 488 Challenge. If you’re wondering about the peculiar name, “Pista” is Italian for the word “track” and “a direct homage to Ferrari’s unparalleled heritage in motor sports.”

A successor to Ferrari’s V8-engined special series, the 360 Challenge Stradale, 430 Scuderia and 458 Speciale, the 488 Pista is 90 kg lighter than the 488 GTB, boasting an impressive dry weight of just 1280 kg. Packing the most powerful V8 engine in Ferrari history, the track-focused 488 Pista represents “the largest ever increase in engine power for a special series car.” An evolution of the V8 unit that powers the 488 Challenge race car, the 488 Pista packs a 3.9-liter twin-turbo V8 that produces 710 horsepower, which is 50 more ponies than the standard 488 GTB, putting it on par with the mighty McLaren 720S.

https://i2.wp.com/carfreaksng.com/wp-content/uploads/2018/02/411142.jpg?w=840

It’s also gained 7 lb-ft of torque over the GTB, offering 568 lb-ft in total. Incredibly, 0-62 mph takes just 2.85 seconds, while 0-124 mph takes 7.6 seconds before the 488 Pista tops out at over 211 mph. Ferrari isn’t messing about here: those are some extraordinary performance figures. For comparison, the standard 488 GTB needs three seconds to do the 0-62 mph sprint, takes 8.3 seconds until it reaches 124 mph, and tops out at 205 mph. If you thought the 488 GTB was a sublime-sounding supercar, Ferrari says the 488’s sound quality and intensity is higher in all gears and at all engine speeds in its latest hardcore iteration.

Ferrari has also applied its extensive motorsport experience to increase the 488 Pista’s aerodynamic performance both on the track and the road. The front features a Formula One-inspired S-Duct and front diffusers with a ramp angle to increase downforce. The rear spoiler is also higher and longer and has a more optimized shape. Not only do these components make the Ferrari 488 Pista look suitably sinister, they also help increase the downforce by 20 percent compared to the 488 GTB. The 488 Pista is also equipped with the latest Ferrari technology to enhance the driving experience, including Side-Slip Angle Control 6 E-Diff3, F1-Trac, magnetorheological suspension, and the Ferrari Dynamic Enhancer.

https://i1.wp.com/carfreaksng.com/wp-content/uploads/2018/02/411144.jpg?w=840

It’s also the first car to use FDE, a system that automatically adjusts brake pressure on the calipers. The Ferrari 488 Pista will make its world debut at Geneva on March 6. We’ll be at the show to bring you live shots of Ferrari’s menacing track weapon in the metal.

SOURCE:http://carfreaksng.com/2018/02/22/meet-powerful-v8-ferrari-history/

Car TalkMitsubishi Outlander PHEV Gets Special Quality Updates by Bmedels26(op): 11:21am On Feb 22, 2018
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Mitsubishi will put seven of its wares on display during press days at the Geneva Motor Show, the headliner being an updated 2019 Outlander PHEV. Engineers have upgraded the entire hybrid powertrain, starting with the switch from a 2.0-liter Otto cycle gas engine to a 2.4-liter Atkinson cycle gas engine. Mitsubishi hasn’t revealed output numbers, but the carmaker promises “higher torque, smoother operation, and overall higher efficiency.”

Generator output, rear motor output, and lithium-ion drive battery output all go up by 10 percent, and battery capacity gets a 15 percent boost. Going off the specs on the Mitsubishi Cars site, that would take the rear motor up to 66 kWh and the battery capacity from 12 kWh to 13.8 kWh. Along with the extra battery output, the 2019 Outlander PHEV should be expected to switch into EV mode more often, and stay there longer. Two drive modes join the current programming, Sport and Snow sidling up with Normal and 4WD Lock.


One must look closely to note the exterior revisions, almost all of which are up front: a new graphic on the front grille, new LED headlights, rectangular foglight bezels, and a more prominent front skid plate. A “more elaborate” two-tone, 18-inch wheel shakes things up along the flanks, a larger rear spoiler holds things down out back. We probably won’t get a look at the interior until Geneva, but “new quilted fine leather upholstery, all-new hip-hugging front seats, revised switchgear, a new instrument panel, new trimming, rear A/C outlets, and more” await us.


The new Outlander PHEV gets to Europe in late 2018, likely greeted with the same fever that’s seen the SUV move 100,000 units there in three years.

SOURCE:http://carfreaksng.com/2018/02/22/mitsubishi-outlander/

Car TalkMazda To Benchmark Toyota Instead Of BMW Because The New Toyota Camry Is Badass by Bmedels26(op): 9:41am On Feb 21, 2018
Car companies constantly compare their future products with models from other brands that are already on sale to see whether their new creations are ready to compete against the rivals. Mazda, for example, has been benchmarking its vehicles with BMW, because the two automakers share some philosophies about what a car should be. But this is no longer the case, as the Japanese manufacturer has switched its focus towards Toyota.

Here’s the reason. BMW enthusiasts know that some things have changed at the Bavarian marque and it is no longer prioritizing driving joy, despite proclaiming it is building the “ultimate driving machine.” The way engineers program steering feel, engine response, and exhaust noise are making modern-day BMWs less engaging to drive, the connection between the driver and the machine is almost lost.

The New Toyota Camry

https://pictures.topspeed.com/IMG/crop/201701/looking-to-buy-a-bmw-9_800x0w.jpg

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Mazda is currently preparing for the debut of the refreshed Mazda6 family for the European market, which will be held at the upcoming Geneva Motor Show in early March. The Japanese automaker will also bring its revolutionary Spark Controlled Compression Ignition (SPCCI) technology, aiming to become the first commercially available gas engine with compression ignition in the world. On paper, it should combine the benefits of a diesel engine with the lower NOx emissions and higher rpm limit of a gas unit.

Source:http://carfreaksng.com/2018/02/19/mazda-benchmark-toyota-instead-bmw/
Car TalkMercedes Reveals Its Top 5 Untold Stories by Bmedels26(op): 9:24am On Feb 20, 2018
Mercedes was also the first automaker to perform systematic crash tests by using rocket power to improve car safety.

Before the Great Recession and the economic downturn in 2007 and 2008, automakers were ambitious in the concept cars they displayed at various auto shows and symposiums. Mercedes was no different. In 2005, Mercedes introduced the Bionic, an aerodynamic people mover that took design cues from the yellow boxfish. Sadly, the concept didn’t lead to an influx of aquatic aesthetics in automobiles.

The automotive industry is moving at such a high rate of speed; it’s nice to take things slow and remember the past. There are many technological advances we forget happened, and many more changes that were left in the past.

Mercedes was also the first automaker to perform systematic crash tests by using rocket power to improve car safety.

Before the Great Recession and the economic downturn in 2007 and 2008, automakers were ambitious in the concept cars they displayed at various auto shows and symposiums. Mercedes was no different. In 2005, Mercedes introduced the Bionic, an aerodynamic people mover that took design cues from the yellow boxfish. Sadly, the concept didn’t lead to an influx of aquatic aesthetics in automobiles.

The automotive industry is moving at such a high rate of speed; it’s nice to take things slow and remember the past. There are many technological advances we forget happened, and many more changes that were left in the past.


https://www.youtube.com/watch?v=bR-5_4DIMK4

SOURCE:http://carfreaksng.com/2018/02/19/mercedes-reveals-top-5-untold-stories/
Car TalkJohn Cena Vs Ford: Ford Never Told Me Not To Flip My GT For Profit -john Cena by Bmedels26(op): 10:02am On Feb 15, 2018
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Back in December we reported that Ford had sued celebrity and ex-WWE wrestler John Cena for flipping his brand-new Ford GT for a quick profit. Originally, there’s nothing that odd about selling one’s new car even after just 30 days of ownership — but Ford’s intent was to keep the new-generation GT owners’ club an exclusive one: Hopeful buyers had to apply for a chance to buy the car, and they would not be able to sell the vehicle in less than two years. At least that was Ford’s plan.

According to Ford, Cena bought the car for $466,376.50 and reportedly sold it near-immediately for “a handsome profit.” A lawsuit for “damages and losses, including, but not limited to, loss of brand value, ambassador activity, and customer goodwill due to the improper sale” resulted.

Now, Cena claims the vehicle’s purchase paperwork he signed never mentioned anything about the don’t-flip-it-for-two-years clause. TMZ is reporting that court documents detail there wasn’t any no-resale clause in the final paperwork. As a result, Cena is asking for the judge to throw the case out.

Cena’s trademark finishing move as a wrestler was the Attitude Adjustment, which it looks like he’s now trying on Ford. We’ll be following the process.

Source: http://carfreaksng.com/2018/02/15/ford-never-told-not-flip-gt-profit-john-cena/

Car TalkRolls-royce Releases Photos Of Its SUV Called Cullinan by Bmedels26(op): 9:11am On Feb 15, 2018
We have known the upcoming Rolls-Royce luxury SUV is called is called Cullinan for a while now, but it took until today for the manufacturer to officially acknowledge the name. Referring to the quite simply enormous Cullinan diamond, Rolls-Royce says the name befits the new “high-bodied vehicle,” carefully steering around the SUV moniker.

“The name Cullinan has been hiding in plain sight since we revealed it as the project name some years ago,” says Rolls-Royce CEO Torsten Müller-Ötvös. “It is the most fitting name for our extraordinary new product. Cullinan is a motor car of such clarity of purpose, such flawless quality and preciousness, and such presence that it recalibrates the scale and possibility of true luxury. Just like the Cullinan Diamond, the largest flawless diamond ever found, it emerges when it is perfect and exists above all others.”

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Source:http://carfreaksng.com/2018/02/14/rolls-royce-releases-photos-suv-called-cullinan/

Car Talk2018 Mercedes-maybach S-class Revealed by Bmedels26(op): 9:22am On Feb 14, 2018
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Mercedes-Maybach has refreshed its ultra-luxe version of the S-Class, ahead of a Geneva motor show debut.

The high-end limousine has been treated to a number of subtle exterior upgrades, led by a new pinstriped grille – inspired by suits, no less – and two-tone paint finishes.

If you recognise that grille, it’s because a similar design debuted on the Vision Mercedes-Maybach 6 concept in 2016. Alternatively, it could be because you’ve been watching too many mobster movies.

Along with the two-tone finish pictured here, there will be eight other combinations offered after launch. Dark colours will be offered with a new double clear coat finish, designed to deliver a deep, piano lacquer effect.

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The second clear coat is applied after the first coating is sanded, and is applied by hand at the Maybach Manufacktur in Sindelfingen, Germany.

Rounding out the changes is a new set of 20-inch wheels, although three other designs – including the retro-inspired 20-inchers from the current Mercedes-Maybach S650 Cabriolet – are also available.

Behind the wheel, the car will be offered with two new leather combinations: armagnac brown and black, along with savanna beige and black. Nappa leather can now be ordered with copper-, gold- or platinum-coloured topstitching, and there are new trim inserts on the options list.

As for power? The S560 and S560 4MATIC still produce 345kW of power and 700Nm of torque from a 4.0-litre twin-turbo V8, while the 6.0-litre bi-turbo V12 in the S650 pumps out 463kW and 1000Nm.

https://i0.wp.com/carfreaksng.com/wp-content/uploads/2018/02/mercedes-maybach-s-class1.jpg?w=770

Source:http://carfreaksng.com/2018/02/14/2018-mercedes-maybach-s-class-revealed/

Car Talk2019 Mercedes C-class To Become Semi-autonomous Just Like The E-class (photos) by Bmedels26(op): 8:19am On Feb 14, 2018
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The updates Mercedes-Benz bestows upon the C-Class for the 2019 model year, while not massive, are significant enough to keep the model looking fresh in its crowded segment. Naturally, fascias and lighting units front and rear have been refreshed enough to make the new version recognizable from the old, but much bigger changes are hiding under the skin and inside the cabin. Plus, a little more power from the base engine can’t hurt.

The biggest update for 2019 is the inclusion of driver assistance technologies for the C-Class that are inherited from its larger E-Class sibling. Active Driving Assist, Blind Spot Assist, Steering Assist, Lane Keeping Assist, and Lane Changing Assist are highlights of the package, all of which combine to allow semi-autonomous operation for limited periods under certain situations. This is not a fully autonomous package, but it’s a step in that direction. It’s all made possible by a new and improved set of camera and radar systems.

C300 models get a 14 horsepower boost from their 2.0-liter turbocharged four-cylinder engines to deliver 255 hp and 273 lb-ft (unchanged) of torque. Those ponies travel through a nine-speed automatic transmission, as before, with 4Matic all-wheel-drive optional. Acceleration figures haven’t yet been announced, but we wouldn’t expect much change from the current model’s 5.8-second 0-60 performance. Fuel efficiency, too, will probably stay near or identical to the 24-mile-per-gallon city and 33-mpg highway ratings.

Source:http://carfreaksng.com/2018/02/14/2019-mercedes-c-class-become-semi-autonomous-just-like-e-class-photos/

Christianity EtcRe: Folu Adeboye And Faith Oyedepo Pictured Together by Bmedels26(f): 3:25pm On Feb 11, 2018
Will you keep quiet
happney65:
I doubt if oyedepo and Adeboye go still dey fuckkk these People..Their husbands must have one girl in the corner sucking off their dickss..Ahahahahahaahahahaahaha
CelebritiesRe: Man Slapped For Grabbing Victoria Kimani’s Ass by Bmedels26(f): 7:15pm On Feb 10, 2018
50-50..
SportsRe: Stephen Kiprotich Wins Lagos City Marathon 2018 (Photo, Video) by Bmedels26(f): 10:13am On Feb 10, 2018
Shame on Jay jay!!!!
PhonesRe: How Long Have You Been Using Your Current Earpiece? by Bmedels26(f): 9:36am On Feb 10, 2018
oohhh! Mine since 2012....
CelebritiesRe: 2face And Annie Idibia In Matching Ankara (Photo) by Bmedels26(f): 9:24am On Feb 10, 2018
see as 2baba leg sef be

Car TalkFord Patents Autonomous Police Car That Can Issue Tickets by Bmedels26(op): 8:35am On Feb 03, 2018
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Forget sweet-talking your way out of a ticket. If Ford’s vision for the future becomes a reality, police officers won’t have to get out of their cars to dole out tickets to drivers. Instead, autonomous cop cars will issue tickets via wireless communication with the offending vehicle.

In a patent published earlier this year, Ford details an idea for autonomous police vehicles. Although drivers will probably revile such a concept, the patent argues that the deployment of self-driving cars can free up police officers for more difficult tasks that can’t be automated.

Once the autonomous police car identifies a vehicle that is violating traffic laws, it pulls the vehicle over. Then, it captures an image of the license plate and receives an image of the driver’s license, assuming that a human driver is behind the wheel. It can even determine whether to issue a warning or a ticket. Apparently, the vehicle can make this decision by looking through records of any prior traffic violations associated with the driver, and if the record is clean, a warning may be issued. Here’s one of the most unsettling ideas: The autonomous police cars can be trained via machine learning tools to find the best hiding spots to nab speeders and other types of traffic violators.

https://i2.wp.com/carfreaksng.com/wp-content/uploads/2018/02/police-vehicle-2.png?resize=1024%2C711

The autonomous police cars may have cameras and lasers to detect traffic violators. It will also be able to search a database of local traffic laws to determine the legal speed limit for the road. A surveillance camera or roadside sensor could also cue autonomous police cars to offenders.

Like pretty much every major auto manufacturer, Ford has expressed its commitment to autonomous cars. The company says it will offer self-driving cars without a steering wheel or pedals by 2021. These vehicles will be used for ride-sharing services, and it may not be for several years later that fully autonomous cars will roll out for personal use.

Source:http://carfreaksng.com/2018/02/02/ford-patents-autonomous-police-car-can-issue-tickets/
CelebritiesRe: Ini Edo And Her Curvaceous Hip Wow Fans In New Photo by Bmedels26(f): 9:10am On Jan 29, 2018
Olodo!!! U don't Even know ur colors? angry
cruzita:
this black beauty don white finish
EducationRe: Mosa Oladele Had Best Thesis In UK University, 6 A's In WAEC by Bmedels26(f): 12:39pm On Jan 26, 2018
so? i had 10 A's in SSCE and scored 295 in jamb, it is no big deal!
Car TalkCheck Out Nissan Self-parking Slippers by Bmedels26(op): 10:46am On Jan 26, 2018

https://www.youtube.com/watch?v=D2mtrmwIsRg

In Japan, where old traditions are constantly being updated with new technology, one inn is making use of automated driving technology to offer the latest in hands-free hospitality — self-driving slippers.

Nissan Motor Co has developed a system for slippers to “park” themselves at the entrance of the traditional ryokan, or inn, at the push of a button, ready for guests to use upon arrival.

Each slipper is equipped with two tiny wheels, a motor and sensors to ‘drive’ across the wooden lobby floor using Nissan’s ProPilot Park technology.

Nissan uses this technology in the latest version of its all-battery electric Leaf vehicle. High-tech sensors and cameras allow the car to locate and back into parking spots without any driver input.

A simplified version of the technology has been installed at the inn, located in the resort town of Hakone, around 75 kilometers (47 miles) southwest of Tokyo and famed for its view of Mount Fuji. Selected guests will be able to experience the technology in March.

“The self-parking slippers are meant to raise awareness of automated driving technologies, and their potential, non-driving applications,” Nissan spokesman Nick Maxfield said.

And it is not just the slippers that scurry across the inn’s floors. Tatami-matted guest rooms feature floor cushions and traditional low tables that also wheel themselves into place.

Many of the world’s top auto brands are developing self-driving technology. Nissan plans to market a car that can drive itself on city streets by 2020.

Nissan will offer a free night at the Ryokan, in Hakone, Japan, for two. Contestants must post on Twitter using the hashtags #PPPRyokan and #wanttostay between Jan. 25 and Feb. 10.

Source: http://carfreaksng.com/2018/01/26/check-nissan-self-parking-slippers/
Car TalkVolkswagen To Invest $2.2 Billion Into The Development Of The Eighth-generation by Bmedels26(op): 12:21pm On Jan 20, 2018
https://i1.wp.com/carfreaksng.com/wp-content/uploads/2018/01/vw-golf-8-teaser.jpg?resize=1024%2C576

When most people think of golf, usually the sport that has made Tiger Woods famous springs to mind, but for (world) car fans, it’s the Volkswagen Golf that immediately pops up. That’s how important the compact model is, not just for being a veritable cash cow for the VW Group, but also for becoming one of the most popular nameplates in the industry.

It has been around since 1974 and since then it has spawned a total of seven generations, thus making it one of the oldest models in the business. More than 35 million cars later, the Golf is now gearing up to embrace its eighth installment, which will officially hit the assembly line in 75 weeks from today. In other words, the Golf 8 will enter production towards the end of June 2019.

The big announcement was made by VW during the recent “Golf 8 Supplier Summit” organized at the Volkswagen Arena at home in Wolfsburg, Germany. No less 180 top managers of the most important VW suppliers from the components industry came together at the meeting to establish a plan for the next iteration of the compact model, which is being sold in a whopping 108 countries. The automaker wishes to point out that 80 percent of all suppliers for the next Golf are already under contract, so work is well underway.

To make it all happen, the VW Group is investing a total of €1.8 billion, which works out to about $2.2 billion at current exchange rates. The Wolfsburg factory – which is Europe’s biggest car plant – will remain the most important one for the Golf output and it’s the place where more than 2,000 cars from the expansive Golf family are produced on a daily basis.

A design sketch was shown at the Golf 8 Supplier Summit, but there’s not much to see as it’s only a somewhat generic outline of a tiny three-door version. It’s too early to say how it’s going to look like, but knowing VW and its appetite for evolutionary designs, we have a feeling the new Golf will bring a subtle revision to the winning recipe. If it ain’t broke, don’t fix it, right?

Source:http://carfreaksng.com/2018/01/20/volkswagen-invest-2-2-billion-development-eighth-generation-golf/
PhonesRe: Whatsapp Just Stopped Working On My Blackberry Z10. Anyway To Fix It? by Bmedels26(f): 9:13pm On Jan 15, 2018
Make sure ur BlackBerry os is up to date...read thru to see the download link http://naijaknowhow.com.ng/install-whatsapp-on-blackberry-10-device/
MetroBaba1:
Please, From BlackBerry World Or Google Play Store?
PhonesRe: Whatsapp Just Stopped Working On My Blackberry Z10. Anyway To Fix It? by Bmedels26(f): 11:51am On Jan 15, 2018
mine stopped working... what i did was to delete it completely, downloaded an older version and updated it to the latest version..tho my device is running on the 10.3 series...
PhonesRe: Whatsapp Just Stopped Working On My Blackberry Z10. Anyway To Fix It? by Bmedels26(f): 11:50am On Jan 15, 2018
mine stopped working... what i did was to delete it completely, downloaded an older version and updated it to the latest version..tho my device is running on the 10.3 series...
flames007:
lol,its only a matter of time.
my candid advice is;come hell or high water,u mustn't reset ur phone,uninstall the current whatsapp or do anything that will make you want to reinstall it.if not...... grin
LiteratureRe: The 48 Laws Of Power- Which Of The Laws Is Your Favourite? by Bmedels26(f): 10:01am On Jan 14, 2018
Author's name kindly
FortifiedCity:
sad

The author of that book has this evil aura which can be felt through reading his books.

I read one of his books, 'The art of Seduction' about 8 years ago and I started feeling so different from who I used to be. Nevertheless, I completed the massive book but picked the good points and dropped the bad ones
CelebritiesRe: Adeniyi Johnson Acquires A New Car by Bmedels26(f): 1:03pm On Jan 12, 2018
NaoSlay:

I was expecting to see an expensive ride not knowing it's a
2005
2012 model I'll see.

Exactly the car my late parents gave me during my university days to use it in school.

and Who the hell is Adeniyi Johnson?


CelebritiesRe: Monalisa Chinda As A Corper: NYSC Throwback Photo by Bmedels26(f): 2:12pm On Jan 11, 2018
Buh she get yam leg

Car TalkRe: Honda Unveils Its Advanced Mobile Power Bank (photos) by Bmedels26(op): 9:57am On Jan 11, 2018
How do I get this thread moved to the front page?
Car TalkHonda Unveils Its Advanced Mobile Power Bank (photos) by Bmedels26(op): 8:09am On Jan 11, 2018
Car TalkToyota Shows Off Its Futuristic Self-driving Store, The ‘e-palette by Bmedels26(op): 8:18am On Jan 09, 2018
https://i1.wp.com/carfreaksng.com/wp-content/uploads/2018/01/teletext-dpa-image-14274_1920x1080.jpg?resize=1024%2C576

Toyota unveiled a new take on the “mobility” concept at CES on Monday.

Company president Akio Toyoda revealed the “e-Palette,” an electric, self-driving vehicle that when launched will apparently be a combination deli, pizza delivery, retail shop and ride-hailing service.

“It is an open, flexible platform easily adapted to suit a range of uses, including ride-sharing, delivery and retail,” Toyoda said. “Today you have to travel to the store. In the future, the store will travel to you.”

The company will debut a model e-Palette at the 2020 Olympics, where it is a sponsor.

Toyota has already signed on partners for the mobile store, including Amazon, DiDi, Pizza Hut and Uber — thus suggesting the e-Palette will deliver you pizza or packages, or drive you to a destination.

“[E-Palette is] a platform that will be the backbone for mobility-as-a-service, for autonomy, for car-sharing, for any number of services that we want to make possible,” Toyoda said.

He said the e-Palette is at least partially a response to increasing competitive pressure from Silicon Valley in the self-driving car race.

“Our competitors no longer just make cars. Companies like Google, Apple and even Facebook are what I think about at night, because, after all, we didn’t start off making cars either,” Toyoda said at CES.

“Technology is changing quickly in our industry, and the race is on,” he added.

Source: http://carfreaksng.com/2018/01/09/toyota-shows-off-futuristic-self-driving-store-e-palette/

More Photos:

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https://i0.wp.com/carfreaksng.com/wp-content/uploads/2018/01/01_e_Palette_Concept.0.jpg?resize=1024%2C683

https://i1.wp.com/carfreaksng.com/wp-content/uploads/2018/01/17_Logistics_2_.jpg?resize=1024%2C436
Car TalkUber Co-founder Travis Kalanick To Be $1.4 Billion Richer by Bmedels26(op): 7:55am On Jan 08, 2018
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Uber co-founder Travis Kalanick, who was expelled as chief executive in June, is selling nearly a third of his 10 percent stake in the ride-services company for about $1.4 billion, a person familiar with the matter said on Thursday.

Kalanick’s sale is part of a deal struck by a consortium led by SoftBank Group Corp which is taking a 17.5 percent stake in Uber, mostly by buying shares from early investors and employees. SoftBank last week secured agreements from shareholders who were willing to sell, and the deal will close early this year, Uber said.

The SoftBank deal values Uber at $48 billion, about a 30 percent discount from its most recent valuation of $68 billion. However, the investor consortium is also making a $1.25 billion investment of fresh funding at the older, higher valuation.

Kalanick had offered to sell half of his total shares, but because there was a limit on how much SoftBank will buy, he will sell just 29 percent, according to the source. Other investors also did not get to unload as many shares as they had hoped because of such widespread interest to sell.

The former CEO owns 10 percent of the company, which means his sale will unload 2.9 percent of Uber shares and earn him about $1.4 billion, the source added.

A spokesman for Kalanick declined to comment. SoftBank and Uber could not be reached immediately for comment.

The sale would make the Uber co-founder a billionaire for the first time, not just on paper. Kalanick has never before sold shares of the company he ran for almost a decade, the source said.

The SoftBank deal offers investors and employees what could be their last chance to sell shares in a company-approved transaction before Uber’s long awaited initial public offering, planned for 2019.

The transaction marks a victory for new CEO Dara Khosrowshahi, who helped broker the deal and who will benefit from a deep-pocketed investor like SoftBank.

Bloomberg first reported Kalanick’s plans to sell part of his stake. (Reporting by Liana B. Baker and Heather Somerville in San Francisco; Additional reporting by Philip George in Bengaluru; Editing by Lisa Shumaker and Muralikumar Anantharaman)

Source:http://carfreaksng.com/2018/01/08/uber-co-founder-travis-kalanick-1-4-billion-richer/
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CareerRe: If You Own A Blog/website But You're Too Busy Or Need An Extra Hand, Employ Me. by Bmedels26(f): 5:24pm On Jan 06, 2018
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