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Uber slides over SoftBank reports

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Uber shares have fallen after reports technology investment firm SoftBank is selling around a third of its stake in the US ride-hailing app.

According to one report, SoftBank is offloading around $2 billion (£1.44bn) worth of shares to help cover what it has lost by betting on Chinese ride-hailing firm Didi and other investments.

Didi’s shares have slumped since their US market debut less than a month ago.

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That is after a series of actions by Chinese authorities spooked investors.

By selling 45 million shares in Uber, the SoftBank Vision Fund will cut its stake in the company by around a third.

The Japanese technology investment group has lost a total of around $4bn on its stake in Chinese ride-hailing firm Didi, according to CNBC.

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However, Reuters news agency reported that SoftBank’s decision to cut its Uber stake was unrelated to the slump in Didi’s value and it just felt now was a good time to take some profits.—BBC

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