Uber Dumped By Large Shareholder As Billionaire's 'Vision' Suffers Investment Struggles

After reporting one of its largest losses ever, SoftBank Group Corp SFTBY has turned to alternative methods to regain lost capital.

How Will The Japanese Conglomerate Regain Capital? SoftBank’s Vision Fund, its technology investment vehicle, reported a 2.93 trillion Japanese yen ($21.16 Billion USD) loss for the first-quarter 2022. Therefore, the investment conglomerate has announced that it sold its holdings of Uber Technologies Inc UBER in order to regain lost capital.

SoftBank bought Uber stock in 2018 and then again in 2019 to become the largest shareholder in the ride-share company, CNBC has reported. The investment firm purchased Uber stock at an average per-share price of $34.50.

In Monday’s disclosure, SoftBank shared that it sold its Uber holdings at some point between April and July at an average price of $41.47 per share.

During that time-span, the firm had realized gains of $5.6 Billion after selling its stake in Uber, Opendoor Technologies Inc. OPEN, Guardant Health Inc. GH and KE Holdings Inc. BEKE.

Related Article: SoftBank Loses Vision Fund Leader; Continues To Liquidate Portfolio

Benzinga’s Take: While SoftBank wasn’t able to regain all of the capital lost, selling its holdings in Uber, Opendoor, Guardant and KE helped mitigate the losses.

The firm still has a ways to go to make back the $21.16 Billion, but after regaining $5.6 Billion, the Japanese investment conglomerate is heading in the right direction.
Price Action: Softbank shares are down 0.24% as the price hovers at $21.05 during Monday’s trading session, according to Benzinga Pro.

Photo: Courtesy of MIKI Yoshihito on flickr