Uber plans to sell its stake in Chinese counterpart Didi Global
THE CEO of US ride-hailing firm Uber has announced that the company intends to divest itself of stakes in what it deems as non-strategic investments, including its shares in embattled Chinese counterpart Didi Global, reports Hong Kong’s South China Morning Post.
Speaking with a UBS analyst, Uber CEO Dara Khosrowshahi said many of the companies in which his company has a stake recently went public and were still subject to a lock-up period.
While Mr Khosrowshahi said Uber would continue to hold some stakes for strategic reasons, it was looking to sell many of them, including in Didi.
“Our Didi stake we don’t believe is strategic. They’re a competitor, China is a pretty difficult environment with very little transparency,” he said.