Japanese multinational company investing in technology, financial and energy sector Softbank Group Corp. (TYO: 9984) is looking forward to sell 45 million of its shares in Uber Technologies Inc. (UBER). This information was revealed by an insider source.
The insider source who sought anonymity, says any buyer interested in these shares will have a 30-day lockup period. The source further clarifies that this move by Softbank is not related to the performance of leading Chinese e-commerce company Alibaba Group Holding (BABA) and Didi Global (DIDI).
The source claims Softbank thinks the time is perfect to cash out some of its stake in Uber and take some profit.
This development was first made on CNBC in which it claimed Sofbank is making this sale as a strategy to cover major losses it incurred in the investment it has in Didi and Alibaba.
So far, month-to-date, Didi has plunged by 37% while Alibaba has registered a decline of 14%. CNBC says Softbank’s stake in Uber is less than 100 million shares.