(Bloomberg) — Goldman Sachs Group Inc. has sold off its stake in Uber Technologies Inc. after the ride-hailing startup’s disappointing initial public offering in 2019.Chief Financial Officer Stephen Scherr said on the bank’s earnings call Wednesday that it closed its position in Uber in the fourth quarter last year.Goldman owned about 10 million shares of Uber at the time of the IPO, turning a $5 million wager using the firm’s own money back in 2011 into a major windfall. The bank recognized a gain in the second quarter, but took a hit in the third quarter as Uber’s shares plunged. …read more
Source:: Yahoo Finance
