Author Topic: Saudi journalistís disappearance is latest dilemma for Uber and tech industry  (Read 59 times)

YELLO

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Uberís ties to Saudi Arabia may be among the deepest, or at least most high-profile, in the tech industry. In 2016, the San Francisco ride-hailing company ó the most valuable startup in the world ó received a $3.5 billion investment from the Saudi Public Investment Fund, and along with that put the managing director of that fund, Yasir Al Rumayyan, on its board of directors. He appears to remain on the board, and Uber on Friday did not return a request for comment about him.

Then, in 2017, Uber ó which has a current valuation of $72 billion ó received two funding rounds that totaled about $9 billion from SoftBankís tech-focused Vision Fund, according to media reports. That SoftBank fund received nearly half of its $100 billion, or about $45 billion, from the Saudi government, and is expected to be receiving an additional $45 billion from the Saudis for a second Vision Fund.

The Vision Fund has also put money into tech companies including GM Cruise, ARM Holdings, Nvidia, Doordash and Slack, according to Recode.

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.mercurynews.com/2018/10/12/saudi-journalists-disappearance-is-latest-dilemma-for-uber-and-tech-industry/amp/&ved=2ahUKEwjDt6-xjo7eAhXQnuAKHcCjCDYQFjABegQICRAB&usg=AOvVaw3dGKOg-HbkCXUpdpPjEdaI&ampcf=1

YELLO

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Masayoshi Sonís SoftBank Group Corp. plummeted the most in more than two years on Monday after Saudi Arabia came under fire for the disappearance of journalist Jamal Khashoggi. The kingdom is the biggest outside investor in SoftBankís $100 billion Vision Fund, which has backed Uber Technologies Inc., WeWork Cos., Didi Chuxing and Slack Technologies Inc.
The trouble for Son is that his grand vision depends on Crown Prince Mohammed bin Salman, who pledged $45 billion for the Vision Fund after a 45-minute pitch from Son and has promised a similar amount for the next fund. Not only are those commitments now in question, but SoftBank could face a revolt in Silicon Valley if entrepreneurs begin to think taking its cash is akin to blood money.

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.bloomberg.com/amp/news/articles/2018-10-15/softbank-s-son-saudi-s-prince-and-a-22-billion-test-of-values&ved=2ahUKEwik7IvAj47eAhVtc98KHdEbC2UQqUMwAXoECAkQCQ&usg=AOvVaw3b6YjL-51BtEZUNAamF_fm&ampcf=1&cshid=1539801508967

Antieuba

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So far, not one of the many companies Uber has given money to, has elected to return the money.

Masoyashi Son, several months ago, when his investment choices were being questioned by investors said ďIts like Star Wars - you need to feel the force.Ē