Uber Technologies Inc. shares fell more than 4.5% in extended trading Wednesday after a report that SoftBank Group Corp. is selling about a third of its stake in the company.
Citing people familiar with the matter, CNBC reported that SoftBank 9984, +2.42% is selling 45 million shares in Uber UBER, +0.70% to cover about $4 billion in losses from its investment in Chinese ride-hailing giant Didi Global Inc. DIDI, +10.32%.
The stock of Didi, which like other Chinese-owned, U.S.-listed companies is facing a crackdown from China, has sunk 37% since its closing price of $14.14 when it made its debut on the New York Stock Exchange last month.
