The move drops Uber's value by about 30 percent from around $70 billion to $48 billion - a reflection of the trouble that the ride-hailing company has experienced across 2017.
Japanese tech giant SoftBank Group has bought a 20 percent stake in Uber, completing a months-long process, according to the Wall Street Journal. Additionally, SoftBank intends to invest about $1.25 billion in Uber at the higher valuation.
As part of the deal, Uber plans to add six directors, two of whom come from SoftBank, and expand voting rights for all investors.
Kalanick stepped down in June following revelations that his company's culture had become toxic and encouraged sexism and inappropriate behavior. SoftBank is said to be limiting its purchase to 15pc, with other investors to buy the additional shares. While we have yet to learn which investors have cashed out for the price of about $33 a share, Thursday's result is the reward for years of drama at a company that nevertheless saw astronomical growth since its founding in 2009. On Thursday it said that existing investors had agreed to sell enough shares for SoftBank to go through with the transaction. Uber lost $1.46 billion in the third quarter this year, up from $1.06 billion in the previous quarter. The company is also planning an initial public offering in 2019.
"The stockholders did the smart thing", said Erik Gordon, an entrepreneurship expert at the University of Michigan's Ross School of Business. We have tremendous confidence in Uber's leadership and employees and are excited to support Uber as it continues to reinvent how people and goods are transported around the world.
The Uber deal marks the latest massive investment by SoftBank's $93 billion Vision Fund. Didi last week raised US$4 billion, including some investment from SoftBank. In an earlier reportin August, the paper said Uber was losing roughly $9,000 a vehicle, 18 times more than previously believed.
The moves come as Uber concludes a hard year, in which it faced a sexual harassmentscandal, investigations by regulators and a lawsuit over allegedly stolen technology, among other challenges.
Because the trees will be mulched, CCH asks residents to remove any ornaments or wreaths before bringing the trees to be recycled. The city of Aurora is offering several locations to drop off Christmas trees through January 8.
Winds: W 15-30 miles per hour . - Minnesotans woke up to one of the coldest Christmases in more than 20 years Monday morning. Watch ABC17 News for the newest forecast and timing of snow chances through the week and check back here for updates.
Aditynath said that in the nine months of his rule, he was taking decisions without any partisan attitude or self interest. On December 24, 2002 then prime minister Atal Bihari Vajpayee took a ride on the metro, Modi recalled.
Augusta Free Press brings your ideas on marketing and what you want and need to do to reach customers and clients to reality. An advance team of safety and logistics specialists, leadership and others will depart on January 10.
The three agreed to establish a trilateral dialogue during Chinese Foreign Minister Wang Yi's visit to the two countries in June. He called on the two countries to build trust, enhance understanding and improve ties.
The actress has bought Kris Jenner debatably the best Christmas present ever, as the pair's BFF status reaches new heights. This week, Jenner's daughter Khloe Kardashian confirmed she is expecting her first child with boyfriend Tristan Thompson.
Trump also took to Twitter on Sunday, saying, "Fake News refuses to talk about how Big and how Strong our BASE is". He offered encouragement when a caller from Virginia wanted to find building blocks under the Christmas tree.
Pennsylvania woman stunned by $284 billion electric bill
It all ends well, as Penelec confirmed that the statement, amounting to $284,460,000,000, was an error on their part. After discovering the bill, Horomanski had her son call Penelec, Horomanski's electric supplier, for an explanation.
British girl 'by chance pleads responsible' in Egypt
Plummer was arrested on arrival from Britain in October, and her detention was extended twice prior to her court appearance. The court hearing comes after the tourist was arrested when she was found carrying 320 tramadol tablets in her suitcase.
James Harrison Visiting the New England Patriots Today
The Steelers announced they released Harrison Saturday to make room on the roster for offensive tackle Marcus Gilbert . Now all that's left is for the Steelers legend to face off against his former team in the AFC Championship game.
Steelers use defense to clinch postseason bye
Yates completed 7-of-16 passes for 83 yards with one touchdown and one interception in Monday's Week 16 loss to the Steelers . They held a comfortable 34-6 lead late against the Texans, and chose to take out several of their key players.
Peruvians celebrate Christmas Eve with hugs and good wishes
He said much more than festivity and celebration, the spirit of Christmas was to share, to reach out, and to love all humanity. Orthodox and Catholic attendees celebrated Christmas with separate ceremonies, during which they prayed for world peace.
Mumbaikars enjoy first AC local train ride on Christmas
For the first week, the authorities will run the train for only six times every day between Churchgate and Borivli stations. Built in Chennai at a cost of Rs 54 crore, the 12-car rake of the AC local arrived here on April 4, 2016.