Jul 29, 2021

Uber slides over reports SoftBank selling 45 million shares

According to one report SoftBank is offloading around $2bn 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. 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. SoftBank is Didi's largest shareholder, with a stake of more than 20%.Uber also owns an almost 13% of Didi after the US-based company sold its operations in China to its local rival five years ago. Didi shares have fallen by almost 40% since they started trading on the New York Stock Exchange on 30 June.Just two days after that US market debut China's internet regulator ordered app stores to stop offering its the Didi platform, saying it illegally collected users' personal data.

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