An affiliate of SoftBank’s Vision Fund sold 38 million
shares for $53.46 apiece, according to a US stock filing on Uber’s website,
though it still remains the firm’s main shareholder, with a 10 percent stake
worth about $10 billion.
The Japanese conglomerate
SoftBank has invested heavily in ride-hailing platforms
worldwide in recent years, from California-based Uber to Didi Chuxing in China,
Singapore’s Grab and India’s Ola.
It’s decision to buy heavily into Uber appeared to have
backfired when its price plunged following a disappointing 2019 initial public
offering, before being slammed by the impact of coronavirus lockdowns
devastated demand for hired transport.
By the end of March, Uber’s share price had fallen below
$15, from $42 on its first day of trading in May 2019.
But the outlook has brightened considerably for such
platforms as demand for food delivery booms with people still stuck at home,
and the US firm’s share price has soared.
SoftBank Group’s shares rose 0.8 percent to 8,050 yen in
Tokyo morning trade.