Uber's valuation is reportedly down. That's according to Softbank's offer to buy shares of the ride-sharing company at a 30 percent discount. Axios' Dan Primack breaks down what this pending deal could mean for Uber.
The Japanese firm is leading a group that will purchase billions of dollars worth of shares from employees and investors at a $48 billion valuation, and invest about $1 billion in Uber at the previous valuation of $68 billion. Primack says most of this investment will go to early shareholders. The "unofficial" reason for the investment at the old valuation is that is the price Saudi Arabia's public investment fund bought in about a year ago.
Potential sellers, such as early investors and employees, have 20 business days to give Softbank an answer during the tender process. Primack called Softbank's price at a 30 percent discount an "opening bid," and doesn't see any way this deal is accomplished at this starting price. Ultimately, Uber CEO Dara Khosrowshahi needs this deal to get done because it's tied to governance changes, says Primack. It will give Khosrowshahi and the board more control, and former Uber CEO Travis Kalanick less control.
Cedar Fair and Six Flags are merging to create an expansive amusement park operator with operations spread across 17 U.S. states and three countries.
Actress Scarlett Johanssen accuses Lisa A.I. app of using her likeness in ads.
Autoworkers at the first Ford factory to go on strike have voted overwhelmingly in favor of a tentative contract agreement reached with the company.
Ride-hailing companies Uber and Lyft will pay a combined $328 million to settle wage theft claims in New York, Attorney General Letitia James announced Thursday.
Lindsay Lohan and some of the cast from 'Mean Girls' reunited for a new Walmart 'Black Friday' ad.
World leaders and top executives are meeting just outside of London on Wednesday and Thursday to address artificial intelligence concerns and risks. Cheddar News explains.
Orthodontist and dentofacial orthopedist Dr. Kami Hoss founded SuperMouth to help get kids excited to brush their teeth the right way from the beginning.
Walmart is kicking off its Black Friday deals early online on November 8.
With the holidays approaching, now's a good time to start budgeting. Cheddar News provides some tips on where and how to save.
Apparel and textile expert Jamie Ueda offers tips on how to make some money selling clothes you're over.
