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Uber shares fall as Softbank considers selling shares

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SoftBank is selling about a third of its stake in ride-sharing company Uber, in part to cover losses on its investment in Chinese ride-sharing company Didi, two people familiar with the matter told CNBC. He plans to sell 45 million shares, which will be blocked for 30 days.

Uber shares fell 5% in extended trading following the report.

The value of Uber’s own stake in Didi fell by $ 2 billion last week after Didi’s US custodian shares started on the New York Stock Exchange in June, as China reportedly scheduled fines and d ‘further sanctions against the company as part of a broader crackdown on Chinese companies listed in the United States.

SoftBank lost about $ 4 billion on its Didi position in total, CNBC’s Deirdre Bosa reported. It also suffered from a drop in Alibaba’s valuation, the botched IPO of Ant Group and the suspension of listing plans on ByteDance. In addition, Softbank’s Masayoshi Son is increasingly playing public markets with its SB Northstar unit.

The news comes a week after Uber shares edged up after the company’s trucking unit announced plans to acquire shipping software company Transplace from TPG Capital for around $ 2.25 billion. dollars.

Didi shares fell 37% from their closing price of $ 14.14 on the share’s first trading day, June 30. Over the same period, Uber shares are down about 8%.

SoftBank’s own shares have also fallen since Didi’s IPO in the United States. The SoftBank Vision Fund held 21.5% of Didi following its listing in the United States.

SoftBank invested in Uber in 2018. In 2019, SoftBank Vision Fund invested an additional $ 333 million in Uber. No later than March 31 Uber referred to SoftBank as a “major shareholder”.

Many people called the purchase of SoftBank’s Uber shares a failed investment, SoftBank CEO Masayoshi Son told analysts on a conference call in February, saying he was paying money. dear to a bad company.

“However,” he said, “in fact, as you can see, we’ve already made nearly $ 500 billion in cash with Uber.”

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2/ https://www.cnbc.com/2021/07/28/uber-shares-drop-as-softbank-plans-to-sell-shares-to-cover-didi-losses.html

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