SoftBank sells 45 mn shares in Uber after Didi bet backfires: Report

SoftBank is selling about 45 million of its shares in Uber Technologies Inc, a source familiar with the matter told Reuters on Wednesday.

Uber shares fell 4.6% at $44 in extended trading before erasing most of its losses.

Any buyer will have a 30-day lockup period, the source said.

The person added that the Japanese investment giant’s motive was unrelated to the performance of Didi Global and Alibaba and SoftBank just thought it was a good time to cash out partially on its Uber stake and take some profit.

CNBC had first reported the sale, saying it was to cover for losses seen in its investment in Didi and Alibaba.