Uber stock fell more than 4% on Thursday after Softbank offloaded a third of its stake or 45 million shares in the ride sharing giant, according to CNBC.
- Softbank aims to cover losses it sustained in Didi, following the stock plunge on Beijing’s crackdown.
- The Tokyo-based bank has lost an estimated $4 billion in Didi and has suffered a loss in the decline of Alibaba’s valuation.
- The news comes a week after an uptick in Uber stock following its plan to acquire Transplace for $2.25 billion by its tracking unit.
- Softbank invested in the taxi-hailing company in 2018 and made an additional $333 million investment in 2019 becoming one of its large stockholders.
Softbank Vision Fund owned 21.5% of Didi after its US listing.
UBER is down -4.81% in pre-market, DIDI is up +7.08%