SoftBank acquires a 20 percent stake in Uber

SoftBank acquires a 20 percent stake in Uber

The bid placed a 30 percent discount on Uber compared to its 2014 valuation of $68.5 billion which made it the world's most valuable startup, with SoftBank also agreeing to inject $1 billion into the company at its old valuation in an attempt to avoid a scenario in which the firm is severely devalued as a result of the move. It also paves the way for an overhaul of the company after a turbulent year, complete with criminal probes, a lawsuit over trade secrets allegedly stolen from Google's self-driving auto division and internal investigations into its toxic company culture.

Uber's corporate governance, set to be overhauled as part of the SoftBank deal, became a hot-button issue this year after the company saw a seemingly never ending string of crises and experienced the resignation of its cofounder and CEO Travis Kalanick.

The vast majority of that investment comes from SoftBank buying up shares held by existing Uber shareholders, including employees and earlier investors. But SoftBank CEO Masayoshi Son had repeatedly teased the possibility - some might say threat - of investing in Lyft instead, including as recently as last month. The Japanese telecommunications giant acquired about 15% of the company in the deal, which valued the the company at $48 billion and included an additional $1.25 billion to buy shares directly from the company.

Ride-hailing company Uber is working on a deal to sell its USA auto-leasing business Xchange Leasing to startup digital vehicle marketplace Fair, according to a person familiar with the matter.

Democrat Jones officially declared victor over Roy Moore
Central time today, a judge denied Moore's request to halt certification, reports AL.com , a site for several Alabama newspapers. A spokesman for Mr Jones earlier called Mr Moore's legal action a "desperate attempt.to subvert the will of the people".

"The stockholders did the smart thing", said Erik Gordon, an entrepreneurship expert at the University of Michigan's Ross School of Business.

Misra said in a statement that SoftBank has "tremendous confidence in Uber's leadership and employees". In a recent board agreement, Uber's directors said they expected the company to begin the IPO process by 2019. In an earlier report in August, the paper said Uber was losing roughly $9,000 a auto, 18 times more than previously believed. However some Uber investors were concerned the price SoftBank was offering was too low, according to Recode.

The moves come as Uber concludes a hard year, in which it faced a sexual harassment scandal, investigations by regulators and a lawsuit over allegedly stolen technology, among other challenges.

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