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.
Property taxes are also not technically due until November, Randolph said , and owners can't deduct anything until then. But the new law caps the deduction at $10,000, either for property taxes and local income taxes, or sales tax.
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.
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.
The account refuted a "rest in peace" message from Brooklyn city Councilman Jumaane Williams who prematurely reported her death. After their father's death, Emerald, the third oldest, created a fund through Indiegogo to raise money for the Garner siblings.
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.
Net Worth Khloe is part of the " Keeping Up with the Kardashians " series as an executive producer and main cast member. However, not all aspects of the 33-year-old's experience having a baby has been totally ideal.
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.
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.
Its murky origins have been revealed to include a Republican donor who hired political intelligence firm Fusion GPS. Trump has lashed out repeatedly at the Federal Bureau of Investigation and U.S. intelligence agencies.
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.
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.
Colder weather on the way
On Saturday there is a chance of rain and snow showers in the morning, according to the National Weather Service. For Salisbury, expect a low of 13 degrees Wednesday night, and sunny skies Thursday but a high of only 27.
People Found Dead in Basement in Troy, NY
They say they found 56-year-old Eddie Key Blair of Troy shot in the backyard of a neighboring residence. Police have not released any details about the victims, including their ages or names.
Thomas Fire now considered largest in California history
The Thomas fire barrelled through much of Ventura County before spreading into Santa Barbara County, fueled by warm, dry winds. However, larger fires may predate the list, including the Santiago Canyon Fire of 1889 that reportedly burned 300,000 acres.
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.