Does anyone know what sort of restrictions he could have on his stake? Is he allowed to do this? I would assume a CEO of a private company couldn't sell this much without being removed, but since he has already been removed, I wonder what incentives he would have to keep it.
Even if he had restrictions, I would expect the current board / management to waive such restrictions to entice him to sell in the tender, particularly since there was a floor to Softbank's tender offer. Travis' stake filled a lot of that floor. Removing some of his voting power to replace it with an active investor is a nice bonus, too.