It’s not even been a day since Softbank has decided to put in $2 billion in the South East Asia’s Grab alongside Didi, there is a report on the involvement of the Softbank in Uber, the U.S firm
which is the major rival of the above-mentioned companies. According to a report published in the Wall Street Journal, Softbank is in touch with Uber regarding its goal to buy the multi-billion dollar stake in the company. Till today, Uber has raised nearly $12 billion from its investors and is currently valued at about $60 billion. Softbank had also backed Ola, which is Uber’s main rival in India. There were many reports published that Softbank has been in the process to acquire the shares of Uber since the future of the company looks very uncertain. There are many investors of Uber who are eager to sell off their stake to Softbank. A main concern for the share holder started on the back of the departure of many C –Level employees that include CEO Travis Kalanick
and VP Emil Micheals. It all started when a former engineer in Uber, Susan Fowler alleged company to have a culture of sexism and sexual harassment. There are also reports which state that any kind of investment which could provide fresh capital to the company will only happen after the appointment of a new CEO, which will take some time to happen. SoftBank showcases its Vision Fund of the tune of $93 billion in May, but have clearly declined to be involved in any potential investments. This is because the fund is not being invested into the ride sharing company because of the conflict of interest with SoftBank Corp
. Neither Uber nor SoftBank has provided any comment on the report.
India Coronavirus Cases Update
4,971 (2.9%) Deaths
82,370 (47.4%) Recovered
30 May 2020, 6:32 AM (GMT)