- Uber (UBER, -1.5%) continues its pullback from global businesses as it looks to shed some of its $6.3B stake in Chinese ride-hailing company Didi Chuxing (DIDI).
- The move also comes as an attempt by Uber to boost its stock price, Bloomberg reports, citing people familiar with the matter.
- Uber shares have nearly doubled in the last six months, but still sit below their IPO price of $45/share.
- Uber CEO Dara Khosrowshahi is talking to Didi and SoftBank, which is a major shareholder in both companies, with one possibility being SoftBank joining an investing team to buy Uber’s 15% stake. Uber acquired that stake after selling its China company to Didi in 2016.
- It is “hard to justify paying anything more than $17 billion for Uber, which represents a 69% downside to the current market cap,” David Trainer wrote on Seeking Alpha this week.