Sprint’s parent company just bought a small stake in Uber
Uber’s growing business is facing more regulations from governments and established transit authorities, so the company has been struggling as growth has stalled. Struggles with the company’s corporate culture and alleged criminal investigations haven’t done the company any favors either, but that hasn’t deterred Japan’s SoftBank from buying stock of the company. SoftBank is the majority owner of the US wireless carrier Sprint, too.
According to a new report from The Wall Street Journal, Uber investors and employees scrounged together 20% stock to offer the Japanese company at a 30% discount from the company’s most recent valuation. That deal was too good to pass up and SoftBank decided to purchase an 18% stake.
Uber is facing a criminal investigation over its acquisition of Waymo technology for use in its self-driving car fleet, which came to light after Waymo filed suit against Uber over stolen trade secrets. Uber has focused on making rides as painless as possible with recent app updates, including the ability to schedule your ride in advance to get a better fare price.