May 5, 2022

Uber loses $5.9bn as Asia investment values fall

The firm said almost all of the loss was a result of the fall in the value of investments in businesses including two Asian ride-hailing giants - China's Didi and South East Asia's Grab.Shares in Didi and Grab have plunged since listing in New York last year. Despite the loss, Uber's boss highlighted its progress in recovering from the impact of the pandemic. In 2016, as it faced tough competition in China, Uber sold its business in the world's second largest economy to Didi in exchange for an 18% stake in the Beijing-headquartered firm. Didi's US market valuation has fallen by more than 80% since it made its $4.4bn debut on the New York Stock Exchange last summer. Uber also owns a stake in Indian food delivery firm Zomato, which it got in 2020 in exchange for its Uber Eats operations in India.

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