Saturday, December 30, 2017

Business: Softbank Gives Uber A Lift

Uber will sell a large stake to the Japanese tech investing firm SoftBank, The New York Times reports. 

Uber will offload at least 14 percent of the company at approximately $33 per share in the deal, which comes after more than a year of rumors of a SoftBank investment. The investment brings Uber’s valuation to approximately $48 billion. That figure is significantly lower than Uber’s peak valuation, which hit $70 billion in summer 2016. Since then, the ride-hailing startup has been beset with bad publicity, including sexual harassment scandals and a power struggle after the resignation of besieged CEO Travis Kalanick

The SoftBank investment could help the company present a more stable image as it attempts to go public by 2019.

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