SoftBank Group Corp.’s Vision Fund sold about $2 billion in Uber Technologies Inc. stock after a rally in the ride-hailing giant’s shares, signaling it may cash in more gains from the sector in the future.
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, worth about $10 billion at current prices.
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.
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