According to a source familiar with the matter at hand, SoftBank is selling around 45 million shares of its holdings in Uber Technologies Inc.
With the news reaching the market, Uber’s shares tread downwards by 4.6% to $44 in extended trading.
Buyers will have a 30-day lockup period, said the source.
The source went on to add, SoftBank’s motive for selling Uber’s shares is not related to Didi Global’s and Alibaba’s performences; it is just a profit booking opportunity.
CNBC was the first to report on the sale saying they were to cover for losses seen in its investment in Didi and Alibaba.
SoftBank’s stake in Uber is now down to less than 100 million shares, said the CNBC report citing a source.