Uber's valuation could be significantly slashed after SoftBank deal
29 December, 2017, 02:21 | Author: Kathy Ellis
An Uber spokesman confirmed the $48 billion valuation in an emailed statement.
The offer values Uber at $48 billion, down from the company's $68 billion valuation in June 2016.
The investor group is also buying about $1.25bn worth of new shares at a price that values the firm at nearly $70bn, a significantly higher price that is similar to what Uber shares fetched in its last fundraising round.
SoftBank had been seeking a stake of at least 14 percent in the deal. Dara Khosrowshahi, a former travel industry executive, became Uber's new C.E.O. in August, and said his top priority was ending the public fights between board members and Mr. Kalanick, who had been trying to retain some control over the company he helped found. The company is also planning an initial public offering in 2019. It will also put in motion a slate of governance reforms that were dependent on the deal going through, which will expand the board to 17 and revoke outsize voting power given to early backers. Employees and investors allegedly tendered shares representing 20% of the company. "The price is less important than locking in the governance changes and securing the support of the world's most powerful technology investor", said Erik Gordon an entrepreneurship expert at the University of Michigan's Ross School of Business.
A group of Uber shareholders holding high volumes of company equity agreed to sell a significant stake to SoftBank, a Japanese multinational technology and telecommunications firm, allowing the deal to go through.
SoftBank founder Masayoshi Son has taken a keen interest in ride-hailing companies around the world
"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", he added.
SoftBank first publicly expressed interest about investing in Uber over the summer, while the startup was still looking for Kalanick's replacement.
SoftBank has previously pumped billions into several ride-hailing companies overseas, including Didi in China, Grab in Southeast Asia and 99 in Brazil.
The Uber investment comes after a year of troubles for the company, including a lawsuit by Alphabet Inc's self-driving vehicle unit Waymo that alleges trade-secrets theft and federal investigations that span possible bribery of foreign officials in Asian countries and the use of software to evade regulators.
Over the past year, a former employee's charges of endemic sexual harassment led to an internal review, the mayor of London said he would strip Uber of its licence and Uber revealed it had covered up a major hack.
A transformer issue caused the power outage, the spokesman said, adding that people were being escorted off the affected rides. Geoff Fienberg and his family were stuck on It's a Small World when the power went out and were escorted off the ride.
Employees miss an average of five workdays per year due to the flu, at a cost of about $200 per person for each lost day. During the 2016-17 flu season, the number of cases in Mohave County spiked from December 18 to December 31, 2016.
On Dec. 28, New York Daily News reported that Garner, 27, was declared brain dead by doctors without a chance of recovery. After a video of Garner's death went viral, activists gathered across the nation to protest police brutality.
Although Quinlan admitted that the strong US economy was a contributing factor, an upgraded customer experience also helped. This was a winning holiday season for retail overall, though the story was different category by category.
Ever since the Game Cube era, Nintendo has had a hard time courting outside publishers to bring games to their platforms. Third-party developers hoping to get their hands on 64GB game cards for Nintendo Switch soon may be out of luck.
Numerous chemicals in marijuana , like tetrahydrocannabinol, known as THC, could pass through a mother's system to her baby. These women start folic acid, lose weight and reduce medication exposure of any kind before becoming pregnant.
Marquise Byrd, 22, died of his injuries Friday, days after the December 19 incident on Interstate 75 in Toledo. Byrd, who sustained a serious head injury, was treated at the scene and transported to a local hospital.
The winning numbers for Wednesday's Powerball for the grand prize of $337 million are 3, 9, 16, 56, 60 and the Powerball is 3. While the next drawing for the Mega Millions won't be until Friday, the Powerball drawing happened yesterday evening.
He also said he completed a lie detector test after the election that he argued proved the allegations against him were false. Moore's lawyers wrote, he will "suffer irreparable harm" and be "denied his full right as a candidate to a fair election".
Shastri added that the tours of South Africa, England and Australia in 2018 will help improve the current Kohli-led outfit. The weather conditions there are also different as compared to the sub-continent.
Auburn alum Tim Cook tops $100 million in income for 2017
Cook's predecessor, the founder of Apple Steve Jobs had his own private jet that was gifted to him during 2000 by Apple . Adding $89.2 million in equity award , Cook brought home a whopping $ 102 million in 2017, minus compensations .