Japan’s SoftBank Group has sold $2 billion-worth of shares in Uber as it took advantage of a surge in the US ride-hailing giant’s value.
An affiliate of SoftBank’s Vision Fund sold 38 million shares for $53.46 apiece, according to a US stock filing on Uber’s website, though it still remains the firm’s main shareholder, with a 10 percent stake worth about $10 billion.
Japanese conglomerate SoftBank has invested heavily in ride-hailing platforms worldwide in recent years, from California-based Uber to Didi Chuxing in China, Singapore’s Grab and India’s Ola.
It’s decision to buy heavily into Uber appeared to have backfired when its price plunged following a disappointing 2019 initial public offering, before being slammed by the impact of coronavirus lockdowns devastated demand for hired transport.
By the end of March, Uber’s share price had fallen below $15, from $42 on its first day of trading in May 2019.