Uber Stock Still Underwater for Saudi Arabia, Three Years Later
Bloomberg
Published May 10, 2019 16:06
Updated May 10, 2019 17:06
Uber Stock Still Underwater for Saudi Arabia, Three Years Later
(Bloomberg) -- Arriving late to a party can be great for those looking to make a splashy entrance. But for most Uber Technologies (NYSE:UBER) Inc. financiers who joined at the tail end of its tenure as a private company, not so much.
A private investment by Saudi Arabia’s sovereign wealth fund nearly three years ago is still worth less than at the time of purchase. The fund, overseen by the controversial Saudi Crown Prince Mohammed bin Salman, invested in June 2016 at $48.77 a share. The stock closed its first day of trading Friday at $41.57.
Japan’s Toyota Motor Corp. and SoftBank Group Corp. are sitting on stakes of at least $500 million each that they bought last year at the same price as the Saudi fund. But Toyota had a prior stake, disclosed in 2016, and SoftBank was able to acquire a much bigger chunk of shares at a lower price in 2018.
Don’t weep for Saudi Arabia, either. It’s the largest investor in the SoftBank fund that got the big discount on Uber stock last year.
Read more: The 10 Biggest Winners From Uber’s IPO Control $38 Billion
(Updates with closing price in the second paragraph.)
Get The App
Written By: Bloomberg
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.