Uber Makes Way for Didi Chuxing
Japan's SoftBank has completed buying about 20% stake in Uber, valuing the ride-sharing startup at $48 billion, down from $68 billion used in the last funding round. This means that Uber is no more the world’s most valuable startup. The leadership crises and sexual harassment scandals have cost some really rich people big money there.
SoftBank Group Corp. won its bid to buy a major stake in Uber Technologies Inc. at a steep discount to the company’s previous valuation in a deal that gives the world’s biggest tech investor sway over the most valuable U.S. startup. Uber investors and employees tendered shares equal to about 20% of the company in an offer by a SoftBank-led consortium that values Uber at $48 billion—a roughly 30% discount to its most recent valuation of about $68 billion
With this updated down-round, China's Didi Chuxing (valued at $56 billion) is now well ahead of Uber in the race of the most valued private technology startup.This is significant because Uber pioneered the ride-sharing sector, was category-king, and has been out-competed .Simply, the new silk road is wider than most had imagined.
