The Investors Most Likely to Sell Their Uber Stakes
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.
The federal tax collector said Monday that roughly 940,000 people in the U.S. have until May 17 to submit tax returns for unclaimed refunds for tax year 2020, which total more than $1 billion nationwide.
Allies of Florida Gov. Ron DeSantis and Disney have reached a settlement agreement in a state court fight over how Walt Disney World is developed in the future.
Ahead of the WNBA season and in the midst of March Madness, New York Liberty CEO Keia Clarke discusses the team’s new deal with Barclays and bringing even more attention to women’s sports.
U.S. Nissan head Jérémie Papin joins from the New York International Auto Show to give a preview of what’s to come from the carmaker – including the 2025 Nissan Kicks.
Ed Mitzen, the CEO of Business for Good, explains how and why he’s giving back by funding businesses from marginalized entrepreneurs to push social change.
Dana D’Auria, co-CIO at Envestnet, breaks down how she’s expecting markets to perform as ‘cracks’ from the rate hike cycle slowly filter into the economy.
A large cargo ship lost power and issued a mayday call moments before it struck the Francis Scott Key Bridge early Tuesday, though it was still moving toward the span at a rapid speed.
Candace Mitchell Harris discusses her path from computer scientist to founder of beauty tech tool MYAVANA – and how it uses A.I. to analyze each person’s unique haircare needs.
