Uber slides over SoftBank reports

Uber slides over SoftBank reports

Post was last updated: July 31, 2021

SOLD SHARES—SoftBank

Uber shares have fallen after reports technology investment firm SoftBank is selling around a third of its stake in the US ride-hailing app.

According to one report, SoftBank is offloading around $2 billion (£1.44bn) worth of shares to help cover what it has lost by betting on Chinese ride-hailing firm Didi and other investments.

Didi’s shares have slumped since their US market debut less than a month ago.

That is after a series of actions by Chinese authorities spooked investors.

By selling 45 million shares in Uber, the SoftBank Vision Fund will cut its stake in the company by around a third.

The Japanese technology investment group has lost a total of around $4bn on its stake in Chinese ride-hailing firm Didi, according to CNBC.

However, Reuters news agency reported that SoftBank’s decision to cut its Uber stake was unrelated to the slump in Didi’s value and it just felt now was a good time to take some profits.—BBC

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