Uber is looking to sell some of its $6.3 billion stakes in China’s ride-hailing company named Didi Chuxing.
Following this interest in selling the stakes, Uber’s stock price has fallen to $36.41 as of September 17th, as compared to its initial price of $45 at the time of its IPO. The American company is aiming to increase its stock price by selling some of its investments.
Uber’s CEO Dara Khosrowshahi is in talks for the proposed sale of stakes with Didi Chuxing and SoftBank.
2 ride-hailing giants came to a strategic agreement where the Didi Chuxing would acquire the American Uber’s business in China. Both companies held equity of each other after the transaction back in August 2016.
The financial report for the second quarter of 2020 of Uber was released in August, showed that the company’s second-quarter revenue was $2.241 billion, witnessing a decline of 29% year-on-year.
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