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SOFTBANK GROUP SOLD $2 BILLION SHARES OF UBER TECHNOLOGIES LAST WEEK

Summary

Highlights – SoftBank Group sold $2 billion shares of Uber Technologies last week. SoftBank Group had invested in Uber since 2018. SoftBank Group is said to have unloaded 38 million shares of Uber at a price of $53.46 per share. […]

Highlights –

  • SoftBank Group sold $2 billion shares of Uber Technologies last week.
  • SoftBank Group had invested in Uber since 2018.
  • SoftBank Group is said to have unloaded 38 million shares of Uber at a price of $53.46 per share.
  • Uber Technologies went public at the New York Stock Exchange in 2019.

Japan’s telecom company SoftBank Group Co. who has invested in U.S. ride-hailing company Uber Technologies Inc, since 2018 reportedly sold roughly $2 billion in shares of Uber Technologies Inc. last week,

According to reports, it is the first time for the Japanese telecom giant has reduced its stake in Uber since its day of investment in the company.

According to the document, it showed that SoftBank Group unloaded 38 million shares of Uber at a price of $53.46 per share last Thursday. The firm now owns about 184 million Uber shares.

Reports suggest that SoftBank Group has poured huge amounts of funding, either directly or through the $100 billion Vision Fund, into companies capitalizing on the sharing economy.

However, SoftBank Group CEO Masayoshi Son has become cautious about new investments since last year as the pandemic continued to rage around the world, leading to restrictions on business activities and tourism.

Uber went public at the New York Stock Exchange in 2019. Although its share price tumbled to below $20 at one point amid fear of deteriorating profits due to the coronavirus pandemic, it has been trending upward recently.

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