Uber co-founder and former CEO Travis Kalanick is planning to sell a third of his 10 percent stake in the company for about $1.4 billion, a person familiar with the matter told Bloomberg

Kalanick, who stepped down from his role last June amid pressure from investors, is selling his shares to SoftBank Group and a consortium of investors. The deal values Uber at $48 billion, a 30 percent drop from its most recent valuation of $68 billion in 2016, and is expected to close this month.

Kalanick reportedly wanted to sell half of his shares, but scaled back due to limits outlined in the agreement between the buyers and Uber, according to Bloomberg. The sale is seen as a way to ease the worries of investors and pave the way for an IPO in 2019.

The ride-hailing company had a rocky year after multiple controversies plagued the company. In November, Uber announced that it had covered up a security breach that compromised the data of 57 million customers. What's more, there were allegations of sexual harassment and revelations that Uber used technology to deceive authorities across the world. Kalanick was replaced by former travel industry executive Dara Khosrowshahi in August 2017.