Uber shares have dropped following reports that SoftBank is selling roughly a third of its stake in the company.
According to the BBC, the technology investment company is offloading $2 billion to cover what it has lost by investing in Chinese ride-hailing platform Didi, as well as other investments.
This reportedly includes 45 million shares in Uber, amounting to a third of its total shares in the business.
With a stake over 20 per cent, SoftBank is currently Didi’s biggest shareholder. But Uber also has a 13 per cent stake in the business.
Didi’s shares have declined following their US market debut nearly a month ago. CNBC said that SoftBank has lost around $4 billion on its stake in the company.
But a report by Reuters claims that the decision to slash its stake in Uber was not to do with the decline in Didi’s value. Instead, it suggests the business just felt it was the right time to take some profits.
Three years ago, SoftBank invested about $7.6 billion into Uber and an extra $333 million in 2019.
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