SoftBank Buys Large Stake In Ride Hailing Service Uber

Must Read

Are Lithium-Ion Batteries Recyclable?

Electric vehicles are growing every day, and they are certainly going to be the future of automotive...

NASA demonstrates its first all-electric aircraft

NASA has demonstrated it's first all-electric experimental which they have dubbed as the X-57 Maxwell. Its first...

Tesla to launch version three of solar roof tiles on October 25, 2019

Tesla is going to launch a new version of its solar roof tiles line up tomorrow October...
Scott Hartleyhttps://www.sertmedia.com
My name is Scott Hartley I am from Nashville, TN, and love to cover topics related to the latest tech trends, social media, and cars!

Yesterday, SoftBank and Uber agreed upon a long-awaited offer that came in at a valuation of $48 billion. The deal will unite one of the most valued startups with the most ambitious tech investment firm in the world.

This amount though is a 30% discount from Uber’s $68 billion valuations it received last June. However, SoftBank will further invest $1.25 billion at Uber’s previous valuation at the same amount.

Uber made a statement on this deal which reads as follows “We look forward to working with the purchasers to close the overall transaction, which we expect to support our technology investments, fuel our growth, and strengthen our corporate governance.”

The deal is expected to close by January of 2018 according to SoftBank. SoftBank got the reduced priced due to decreased confidence by co-founder Travis Kalanick leaving his CEO role, along with data breach and lawsuits. This all naturally led the company to agree upon the reduced deal.

Additionally, SoftBank also has investments with Didi Cuxing Of China which had purchased Uber’s Chinese Business and has since soared with nearly $10 billion in funding and now hopes to take on both Google & Tesla with self-driving vehicles.

An interesting connection between SoftBank and Uber is that Dara Khosrowshahi (who replaced Kalanick as Uber’s CEO) is a board member of Fanatics that are also backed by SoftBank. Khosrowshahi is so far known to be dedicated to improving Uber’s status in the market since he took office in October.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Are Lithium-Ion Batteries Recyclable?

Electric vehicles are growing every day, and they are certainly going to be the future of automotive...

NASA demonstrates its first all-electric aircraft

NASA has demonstrated it's first all-electric experimental which they have dubbed as the X-57 Maxwell. Its first test flight is going to...

Tesla to launch version three of solar roof tiles on October 25, 2019

Tesla is going to launch a new version of its solar roof tiles line up tomorrow October 25, 2019.

Huawei VR Glass Will Launch This December In China

Huawei will finally be launching its own virtuality reality headset. The device has been dubbed the Huawei VR Glass. This has been...

Google’s Defense For Wi-Fi 5 In Nest Wifi

Google has launched their new Nest Wifi system which is one part home network router and one part smart speaker. However, Google...

More Articles Like This