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Japanese investment giant SoftBank Group Corp on Monday said it has sold its remaining stake in US ride-hailing giant Uber Inc (NYSE: UBER) as it looks to raise cash amid mounting losses at its investment unit.
The move comes after SoftBank’s Vision Fund, its technology investment vehicle, reported the highest loss of 2.93 trillion Japanese yen ($21.68 billion) for the June quarter.
SoftBank sold its Uber holdings between April and July at an average price of $41.47 per share, which the Japanese conglomerate bought for an average cost of $34.50 per share.
Although the Japanese giant did not say how much the sale of Uber brought in for the company nor the size of the stake it offloaded, in total, between April and July, SoftBank had a realized gain of $5.6 billion on the total stakes in companies it sold which includes Uber, online real estate firm Opendoor, health care company Guardant and Chinese real estate and brokerage giant Beike.
SoftBank invested in Uber in 2018 and again in 2019 to become its biggest shareholder at one point. Last year, SoftBank sold about a third of its stake in Uber.
Picture Credit: WSJ
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