The CEO of US ride-hailing firm Uber announced on Tuesday that the company intends to divest itself of stakes in what it deems as non-strategic investments in other businesses, including its shares in embattled Chinese counterpart Didi Global, reports the South China Morning Post.
Speaking at a virtual fireside chat with a UBS analyst, Chief Executive Dara Khosrowshahi said many of the companies in which Uber has a stake have recently gone public and are still subject to a lock-up period.
While 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,” the Uber CEO said.
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