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Japanese giant SoftBank is selling its entire portfolio of


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SoftBank has sold its remaining stake in the American giant Uber, as the Japanese conglomerate tries to raise cash amid mounting losses at its investment division, reports CNBC.

The sale came after Vision Fund, SoftBank’s technology investment vehicle, reported a loss of 2.93 trillion Japanese yen ($21.68 billion) for the quarter ended in June, one of its biggest ever.

SoftBank said it sold its Uber shares between April and July at an average price of $41.47 per share.

According to SoftBank, the average cost per share was $34.50, so the sale of the stake in Uber was profitable.

The Japanese giant did not specify the sum obtained by selling Uber, nor the size of the stake sold.

SoftBank invested in Uber in 2018 and again in 2019, becoming its largest shareholder at one point. Last year, SoftBank sold about a third of its stake in Uber, according to CNBC.

Now, SoftBank has sold the rest of its shares in Uber.

Uber shares were traded slightly lower on Monday.

In total, between April and July, SoftBank said it made a $5.6 billion gain on the total stakes it sold, including Uber, online real estate firm Opendoor, health care company Guardant and the Chinese real estate and brokerage giant Beike.

SoftBank Vision Fund’s investment business posted losses in the first half of the year amid a sharp decline in tech stocks as soaring inflation prompted global central banks to raise interest rates.