Uber's net loss widens to $1.46bn, stock bid reveals
San Francisco — Uber Technologies’s net loss widened to $1.46bn in the third quarter, according to people with knowledge of the matter, as the ride-hailing leader struggles to fend off competition, legal challenges and regulatory scrutiny. The San Francisco-based company reported financials to shareholders as part of a formal bid on Tuesday night from a SoftBank Group-led consortium looking to buy a large block of stock. SoftBank said at least two of Uber’s early backers intended to sell. The sale of those shares would value the business at $48bn, a 30% discount to the past private valuation. General Atlantic and Russia’s DST Global, which had both been in talks to buy stock, dropped out of the deal, said one person, who asked not to be identified because the details are private. The remaining bidders in the group are SoftBank, Dragoneer Investment Group, TPG, Tencent Holdings and Sequoia Capital, which are looking to buy at least 13.4% of outstanding shares, said two people. "SoftB...
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