Business

SoftBank Group sells $ 2 billion in Uber shares

Japan’s SoftBank Group has sold $ 2 billion worth of shares in Uber, according to a document released on Monday, as it capitalized on the rising value of the US transportation giant.

A subsidiary of SoftBank’s Vision Fund sold 38 million shares for $ 53.46 per share, according to a US stock filing on the Uber website, although it remains the company’s major shareholder, with a 10% stake valued at about $ 10 billion.

Japan’s SoftBank conglomerate has invested heavily in taxi ordering platforms around the world in recent years, from California-based Uber to Didi Chuxing in China, Grab in Singapore and Ola in India.

Its decision to buy heavily in Uber seemed to backfire when its price dropped after a disappointing initial public offering in 2019, before it was affected by the impact of coronavirus lockdowns, devastating demand for charter transport.

By the end of March, Uber’s share price had fallen below $ 15, from $ 42 on its first trading day in May 2019.

But prospects have brightened dramatically for platforms such as food delivery demand booms as people remain stuck at home, and the US company’s stock price has soared.

Shares of SoftBank Group rose 0.8% to 8,050 yen in Tokyo morning trade.

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