Uber Technologies Inc co-founder Travis Kalanick, who was ousted as chief executive in June, will sell nearly a third of his shares in the ride-services company for about $1.4 billion, a person familiar with the matter said on Thursday.

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.

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

Kalanick’s share sale will earn him about $1.4 billion, the source added. The former Uber CEO is still on the board of directors.

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.

Bloomberg first reported Kalanick’s plans to sell part of his stake. —Reuters