New Delhi: Softbank sells around 45 million shares in Uber Technologies Inc., a source familiar with the issue to Reuters on Wednesday.
Uber shares fell 4.6% at $ 44 in extended trading before removing most of the losses.
Every buyer will have a 30-day locking period, the source said.
The person added that the Japanese investment giant motif was not related to the performance of Didi Global and Alibaba and Softbank just thought it was the right time to cash in part in his Uber shares and took advantage.
CNBC first reported sales, said it was to cover the losses seen in his investment in Didi and Alibaba.
As far as this month, Didi has fallen 37% while Alibaba has lost 14%.
Softbank’s shares in Uber are now down to less than 100 million shares, CNBC added, citing a source.
Following the news, Softbank Group Share rose 4.1%.
“The advantage of the sale of Uber’s shares must help compensate for losses in other shares held in his portfolio to a certain extent,” said Jun Kamazawa, a strategist at Miki Securities.
Softbank shares have been under pressure in recent weeks on the flow of harsh action from Beijing on Chinese companies that grow fast, starting from Didi to Edtech companies.