Japanese Giant SoftBank Dumps Its Entire Stake in Uber as Losses Mount at Its Investment Unit

Uber shares were more than 1% higher in pre-market trade.

In total, between April and July, SoftBank said it had a realized gain of $5.6 billion on the total stakes in companies it sold which includes Uber, online real estate firm Opendoor, health care company Guardant and Chinese real estate and brokerage giant BeikeSoftBank's Vision Fund investment business has been bleeding money in the first half of the year as technology stocks have fallen sharply because rampant inflation has led central banks globally to raise interest rates.

Masayoshi Son, the CEO of SoftBank, pledged earlier this year for the company to go into"defense" mode after itIn the June quarter, SoftBank soldSon made his fortune with an early investment in Alibaba more than two decades ago. The Chinese e-commerce giant rose to become one of the world's most valuable companies before months of regulatory tightening by Beijing wiped billions off the stock.

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