Uber Is Getting Closer to Selling a Big Chunk of Itself

Uber has reportedly begun considering two offers to sell existing shares in a move that could eventually oust a shareholder suing the ride-hailing company.

The New York Times reports that Uber’s board has voted to move forward on two offers to buy shares of the company at a discount from Uber’s estimated $68.5 billion worth. The private company has reportedly agreed to take the next steps on offers from Japanese banking giant SoftBank and a consortium of investors led by Dragoneer Investment Group. While the offers are still preliminary, meaning the potential investors are still doing due diligence, one could potentially lead to the ousting of Benchmark Capital, the Times reports.

Uber’s board is also reportedly considering a separate offer from investors led by Shervin Pishevar.

Benchmark has become a headache for Uber in recent days. The venture capital firm is suing Uber founder Travis Kalanick, saying the former CEO duped Benchmark into giving him three board seats. Not long after the lawsuit, a group of Uber investors, including Shervin Pishevar, sent a letter calling on Benchmark to step down from Uber’s board and divest its shares.


Subscribe to Well Adjusted, our newsletter full of simple strategies to work smarter and live better, from the Fortune Well team. Sign up today.

Read More

Artificial IntelligenceCryptocurrencyMetaverseCybersecurityTech Forward