(Bloomberg) -- SoftBank Group Corp.’s Vision Fund sold about $2 billion in Uber Technologies Inc. stock, cashing in after an increase in the ride-hailing giant’s shares.
An affiliate of the investment fund called SB Cayman 2 sold 38 million shares on Jan. 7 at an average price of $53.46, according to a filing with the U.S. Securities & Exchange Commission. SoftBank still holds about 184.2 million shares, according to the filing.
SoftBank founder Masayoshi Son was an aggressive investor in the ride-hailing sector, taking major stakes in Uber, China’s Didi Chuxing, India’s Ola and Southeast Asia’s Grab. Those wagers looked in jeopardy when Uber stumbled after its 2019 initial public offering and the coronavirus pandemic slammed demand.
But Uber shares rallied more than 150% from their low in March of last year, as capital markets surged. Now Didi, the largest investment in SoftBank’s portfolio, is also considering an IPO in the second half of this year, Bloomberg has reported.
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SoftBank shares have also rallied as investments like Uber have recovered and several of its portfolio companies have gone public.
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