Uber CEO: selling off some of its stake in Didi

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Uber CEO: selling off some of its stake in Didi

The CEO of Uber Technologies Inc. said on Tuesday that the company was looking to sell stakes in non-strategic investments in other companies, including its shares in Chinese ride hailing company Didi Global Speaking, at a virtual fireside chat with a UBS analyst, Dara Khosrowshahi, which many of the companies Uber has a stake in have recently gone public and are still subject to a lock-up period.

While Khosrowshahi said Uber would continue to hold some stakes for strategic reasons, it was looking to sell many of them, including in Didi.

We don't believe that our Didi stake is strategic. The Uber CEO said that China is a very difficult environment with very little transparency.

Khosrowshahi said the company was not in a hurry to sell the shares. He said that the stakes we look to monetize smartly over time are something we look to monetize.

Some investors have grown worried that the roughly $13 billion Uber has tied up in other companies as of the end of the third quarter was sending the signal that investments were more attractive than putting freed-up capital into Uber's own operations.

The company's operational business achieved profitability when Uber's stake in Didi drove a $2.4 billion net loss in the third quarter. com technology uber-posts first-small-profit ridership-rises- delivery-gets - more - 2021 -- 11 -- 04 text Nov 204% 20 Reuters 20 -- 20 Uber, delivery 2 C 20 both 20 turning 20th e 20 corner on an adjusted earnings basis for the first time.

Shares in Didi, which have been rattled by a Chinese regulators' data practices, are down around 53% from their June 30 IPO price.

Didi said earlier in the month that it would withdraw from the U.S. stock exchange and pursue a Hong Kong listing under pressure from Chinese regulators.

Uber also holds stakes in the Indian food delivery company Zomato, rival Southeast-Asian Grab, self-driving company Aurora Innovation Inc and others.