SoftBank is selling about 45 million of its shares in Uber Technologies Inc., a source familiar with the matter told Reuters on Wednesday.
Shares of Uber were down 4.6% at $44 in extended trading.
The source added that any buyer will have a lockup period of 30 days.
The man said the Japanese investment giant’s motives were unrelated to the performance of Didi Global and Alibaba, and that SoftBank thought it was a good time to partially capitalize on Uber’s stake and reap some profits.
CNBC was the first to report the sale, saying it was to make up for losses in its investments in Didi and Alibaba.
CNBC cited a source as saying that SoftBank’s stake in Uber is now reduced to less than 100 million shares.
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