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Uber takes big loss after China's Didi ban
Uber Technologies Inc. is poised to record a loss of more than $3 billion (R45.8 billion) on its stake in Didi Global Inc., wiping out the $1.4 billion it made after the Chinese ride-hailing giant went public in June.
Since pulling off one of the biggest U.S. stock market debuts of the past decade, Didi’s U.S.-traded shares have plummeted 41% since Chinese regulators ordered the app to be removed from online stores in its home market, citing privacy and security risks.
The tumult has whittled the value of Uber’s roughly 12% stake in its former rival down to about $4 billion at the end of the third quarter from $7.3 billion, according to Bloomberg calculations.
[Bloomberg]
Uber Technologies Inc. is poised to record a loss of more than $3 billion (R45.8 billion) on its stake in Didi Global Inc., wiping out the $1.4 billion it made after the Chinese ride-hailing giant went public in June.
Since pulling off one of the biggest U.S. stock market debuts of the past decade, Didi’s U.S.-traded shares have plummeted 41% since Chinese regulators ordered the app to be removed from online stores in its home market, citing privacy and security risks.
The tumult has whittled the value of Uber’s roughly 12% stake in its former rival down to about $4 billion at the end of the third quarter from $7.3 billion, according to Bloomberg calculations.
[Bloomberg]