Uber on Sunday approved SoftBank's offer to invest billions in the ride-hailing company, Bloomberg reported. The Japanese conglomerate will lead a consortium of investors to buy at least 14 percent of Uber. SoftBank reportedly plans to buy about $1 billion of fresh Uber stock at the ride-hailing service's current valuation of about $68.5 billion, and purchase about $9 billion worth of existing shares from current Uber shareholders.
The deal is expected to pave the way for sweeping governance changes at Uber, which has shaken up its leadership following complaints about sexual harassment and a toxic corporate culture, and a move to take the company public by 2019.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Lemon and courgette carbonara recipeThe Week Recommends Zingy and fresh, this pasta is a summer treat
-
Corbynism returns: a new party on the LeftTalking Point Jeremy Corbyn and Zarah Sultana's breakaway progressive party has already got off to a shaky start
-
Oasis reunited: definitely maybe a triumphTalking Point The reunion of a band with 'the power of Led Zeppelin' and 'the swagger of the Rolling Stones'
-
Dollar faces historic slump as stocks hit new highSpeed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliablespeed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutinySpeed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress codespeed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirementspeed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff displaySpeed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
