Uber: Softbank takes large stake in ride-hailing firm
- by Leigh Mccormick
- in Money
- — Dec 29, 2017
Also, SoftBank holds investments in multiple Uber competitors, so it will be interesting to see how this all shakes out.
The Wall Street Journal reported that Fair will offer jobs to about 150 of the 500 or so employees at Xchange Leasing.
SoftBank's bid to purchase a sizable stake in ride-hailing titan Uber has succeeded. Uber is losing more than US$1 billion each quarter, and a new cash infusion is critical.
SoftBank is also investing $1.25 billion in new capital in Uber at its most recent $70 billion valuation. Employees and investors allegedly tendered shares representing 20% of the company.
Uber said it would use the investment "to support our technology investments, fuel our growth, and strengthen our corporate governance".
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Moore's lawyers wrote, he will "suffer irreparable harm" and be "denied his full right as a candidate to a fair election". Moore had vocally questioned the results and filed a last-minute legal challenge of them, according to the news outlet.
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.
The Uber deal marks the latest massive investment by SoftBank's $93 billion Vision Fund.
"The stockholders did the smart thing", said Erik Gordon, an entrepreneurship expert at the University of Michigan's Ross School of Business.
The shake-up was supported by Uber's new chief executive Dara Khosrowshahi, who has said he hopes to list Uber's shares publicly in 2019.
Lucky for Uber, the company will still retain its title of "most valuable startup", as second place goes to WeWork, which is now valued at $31 billion.
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The four bodies were discovered by a property manager in the apartment just after noon, according to the Albany Times Union . The Times Union reported the basement apartment was most recently occupied by a woman, her two children and her "partner".
Ride-hailing company Uber is working on a deal to sell its USA auto-leasing business Xchange Leasing to startup digital vehicle marketplace Fair, according to a person familiar with the matter.
Some initial investors in the consortium, including General Atlantic, dropped out over disagreement about the price offered to shareholders, Reuters previously reported.
Uber hasn't had a great year.
Over the past year, a former employee's charges of endemic sexual harassment led to an internal review, the mayor of London said he would strip Uber of its licence and Uber revealed it had covered up a major hack.
Softbank has made a series of high-profile tech investments and shown an appetite for investments in ride-sharing, backing China's Didi Chuxing and Southeast Asian taxi-hailing app Grab, among other companies.
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Simonds's campaign has also requested the drawing be delayed so it can convince the court that the vote shouldn't be counted. An image filed in court showed that the ballot had bubbles filled in beside both names, with a crossmark by Simonds.
