SoftBank sold its stake in Uber

Japanese investment technology company SoftBank Group Corp. sold all of its shares in the American taxi and food delivery service Uber Technologies Inc. to raise funds against the background of deteriorating financial indicators.

SoftBank said it sold shares of Uber between April and July at an average price of $41.47 per share. With the average price of Uber shares at which SoftBank bought them at $34.5 per share, the company managed to make a profit.

At the same time, SoftBank did not specify the volume of the package sold and how much it gained from the sale. The company invested in Uber in 2018 and 2019 and at one point was its largest shareholder. SoftBank sold a third of its stake last year and has now sold the remainder of it, according to the company’s financial statements for the first quarter.

In total, SoftBank raised $5.6 billion last quarter by selling shares in portfolio companies, which, in addition to Uber, also include Internet real estate company Opendoor, medical Guardant and Chinese brokerage Beike.

Meanwhile, the net loss of SoftBank’s main investment fund – Vision Fund – in April-July amounted to 2.33 trillion yen ($17.32 billion).

Alexandra Taylor

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