Uber: Softbank takes large stake in ride-hailing firm

A taxi is reflected in a window at the office of taxi-hailing service Uber Inc in Hong Kong China
A taxi is reflected in a window at the office of taxi-hailing service Uber Inc in Hong Kong China
Author

29 December, 2017

Sources familiar with the matter told The Wall Street Journal on Thursday that Uber employees and investors have tendered shares equal to around 20 percent of the company. Last month, Uber disclosed that it had covered up a security breach that had compromised the personal data of 57 million rider and driver accounts, and SoftBank was able to talk down the price of its investment. Uber will enact governance reforms that disempower the two warring factions and increase the size of the board to a massive 17 people. SoftBank, which is heavily invested in other ride-hailing companies around the globe, could help Uber strike more partnership deals, especially in Asia. The bid placed a 30 percent discount on Uber compared to its 2014 valuation of $68.5 billion which made it the world's most valuable startup, with SoftBank also agreeing to inject $1 billion into the company at its old valuation in an attempt to avoid a scenario in which the firm is severely devalued as a result of the move.

SoftBank has bought a major stake in Uber at a steep 30pc discount, after a chaotic year in which the ride-hailing firm faced a string of scandals, saw its chief executive resign and was hit with United Kingdom city bans.

Uber's board of directors, which had devolved into a power struggle between Uber's former CEO, Travis Kalanick, and its largest investor, Benchmark, will now likely be calmer.

Trump Loses Most Admired Man Title to Predecessor
While Obama managed to be at the top for a 10th year, he has some way to go to match his female counterpart, Hillary Clinton . Obama is only the second former president to finish first in the list-along with Eisenhower in 1967 and 1968, while Pres.


Apple admits to slowing iPhones, you're not imagining it
One of the main reasons people buy iPhones is that they don't slow down or lag with time like some Samsung devices. Apple has been criticised for failing to make users aware of the practice before this week.


Trump blamed for cancellation of Christmas in Nazareth
Brotherly covenant referred to Salam's announcement as a "cynical move to take advantage of Christian residents", TPS reported. Mr Trump's decision to recognise Jerusalem as Israel's capital city, was a significant United States policy change.


The deal will also benefit Uber's employees, drivers and riders, said Chris Sacca, founder and head of Lowercase Capital, a major Uber shareholder that did not sell shares in SoftBank's tender offer.

Mr. Khosrowshahi also said he wanted to take Uber public by 2019, and investors wondered if the company could maintain its valuation as it prepared for an initial offering of shares. Still, $48 billion is very different than $70 billion.


More news


  • N Korea denies role in WannaCry ransomware attack

    N Korea denies role in WannaCry ransomware attack

    The North was also suspected of involvement in a cyberattack on Sony's USA subsidiary 3 years ago. It also distanced North Korea from the attack and called it a "grave political provocation".
    Where's the grand plan on North Korea?

    Where's the grand plan on North Korea?

    The institute predicted that it will probably be at the end of 2018 when North Korean makes "inevitable concessions with the worldwide community".
    Exit polls boost markets; all eyes on final outcome

    Exit polls boost markets; all eyes on final outcome

    The combined figures stand at around 67.75 per cent - lower than the 72 per cent of the 2012 Assembly elections. According to ABP-CSDS survey, in Saurashtra, the BJP will win 31-37 seats and the Congress may get 16-22 seats.
  • Woman Accused of Destroying $300K Worth of Art at Tony Buzbee's House

    Woman Accused of Destroying $300K Worth of Art at Tony Buzbee's House

    Buzbee is a high-profile attorney who hosted Donald Trump at his home for a presidential campaign fundraiser in 2016. Buzbee thought Layman was too intoxicated and called an Uber driver, according to court details reported by KTRK .
    TAKE TWO: Mariah Carey to return to New Year's Rockin' Eve

    TAKE TWO: Mariah Carey to return to New Year's Rockin' Eve

    America's largest celebration of the year will take place on New Year's Eve, Sunday, Dec. 31, beginning at 8:00 p.m. Mariah Carey performs during New Years Eve celebrations in Times Square in Manhattan NY on December 31, 2016.
    Rise in number of requests for data from Facebook in Ireland

    Rise in number of requests for data from Facebook in Ireland

    Figures provided by Facebook suggest it handed over data in 85% of requests from USA law enforcement and 90% in the UK. More than half of the requests came with demands that the person whose information was requested not be told about it.
  • Virginia Parents Killed By Daughter's Neo-Nazi Boyfriend

    It was successful - after a long conversation about Jews and the Nazis, the girl agreed to break off the romance, they said. The boy then pulled out a gun and fatally shot both parents before turning the gun on himself.
    'They never return to their huts' - Trump mocks Nigerians in US

    'They never return to their huts' - Trump mocks Nigerians in US

    Although Haiti does have one of the highest rates of AIDS in the world at around 2.1 percent of adults, it is dropping. Trump had pushed controversial immigration policies since becoming American president in January.
    Newcastle players cancel Christmas due to poor results

    Newcastle players cancel Christmas due to poor results

    We have to talk. "They want to give a very clear message that they care and they want to do things right". We have to learn quickly and be sure we take our chances.
  • Nintendo Might Have Delayed 64GB Game Cards for Nintendo Switch

    Nintendo Might Have Delayed 64GB Game Cards for Nintendo Switch

    However, it's only a matter of time before Nintendo solves a few of these issues themselves. What the Switch needs is 64GB cartridges, and they were meant to arrive next year.
    Wind chill advisory issued

    Wind chill advisory issued

    The National Weather Services warned that the low wind chills could bring frost bite or hypothermia if precautions aren't taken. The chance of snow will increase by Wednesday afternoon, with a good chance of snow showers Wednesday night and Thursday.
    Floyd Mayweather vs. Conor McGregor Garners Record PPV Buys

    Floyd Mayweather vs. Conor McGregor Garners Record PPV Buys

    He fought the returning Mayweather at the junior middleweight limit of 154-pounds and they used 8-ounce gloves. That's what he said before the fight. "I'd like to see him come over to our side and have a knock".