New Delhi: softbank is selling its approximately 45 million shares in Uber Technologies Inc., a source familiar with the matter told Reuters on Wednesday.
Shares of Uber fell 4.6% to $44 in extended trading before erasing most of its losses.
The source added that any buyer will have a lockup period of 30 days.
The man said the Japanese investment giant’s motive was unrelated to the performance of Didi Global and Alibaba and that SoftBank thought it was a good time to partially capitalize on it. Uber Place bets and take some profit.
CNBC was the first to report the sale, saying it was to make up for losses in its investments in Didi and Alibaba.
So far this month, Didi is down 37 per cent and Alibaba is down 14 per cent.
CNBC cited a source as saying that SoftBank’s stake in Uber is now reduced to less than 100 million shares.
After the news softbank group The stock rose 4.1%.
“The gains from selling Uber shares should help offset losses on other stocks held in its portfolio,” said Jun Kitazawa, strategist at Mickey Securities.
SoftBank’s shares have been under pressure in recent weeks on an incredible stream of crackdowns out of Beijing on fast-growing Chinese firms, from Didi to edtech firms.
Shares of Uber fell 4.6% to $44 in extended trading before erasing most of its losses.
The source added that any buyer will have a lockup period of 30 days.
The man said the Japanese investment giant’s motive was unrelated to the performance of Didi Global and Alibaba and that SoftBank thought it was a good time to partially capitalize on it. Uber Place bets and take some profit.
CNBC was the first to report the sale, saying it was to make up for losses in its investments in Didi and Alibaba.
So far this month, Didi is down 37 per cent and Alibaba is down 14 per cent.
CNBC cited a source as saying that SoftBank’s stake in Uber is now reduced to less than 100 million shares.
After the news softbank group The stock rose 4.1%.
“The gains from selling Uber shares should help offset losses on other stocks held in its portfolio,” said Jun Kitazawa, strategist at Mickey Securities.
SoftBank’s shares have been under pressure in recent weeks on an incredible stream of crackdowns out of Beijing on fast-growing Chinese firms, from Didi to edtech firms.
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