Uber Technologies Inc. shares fell more than 4.5% in extended trading Wednesday after a report that SoftBank Group Corp. is selling about a third of its stake in the company.
Citing people familiar with the matter, CNBC reported that SoftBank
9984,
is selling 45 million shares in Uber
UBER,
to cover about $4 billion in losses from its investment in Chinese ride-hailing giant Didi Global Inc.
DIDI,
The stock of Didi, which like other Chinese-owned, U.S.-listed companies is facing a crackdown from China, has sunk 37% since its closing price of $14.14 when it made its debut on the New York Stock Exchange last month.
This article was originally published by Marketwatch.com. Read the original article here.