Rideshares: The Good, The Ad, and The AVs
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After their pandemic pause, rideshare companies are firing on all cylinders.
That may explain the hail of news in the industry on Monday.
After its CEO said he was "ashamed" of its latest $23.4 billion quarterly loss, Japanese tech giant SoftBank disclosed that its ride with Uber is officially canceled. SoftBank, Uber's largest investor as recently as 2019, quietly sold off its remaining shares in the company over the last few months for a $1.5 billion profit (a nice recovery for what was once widely considered a failed investment). The Uber harvesting will be used to help offset a $12 billion bet on Chinese ride-hailing firm Didi, now worth less than $3 billion after Didi delisted from the NYSE (more characteristic of SoftBank's recent tech bets). Uber responded well to the breakup, with shares rising 2% on Monday.
Source Fool.com
