Uber shares drop as Softbank plans to sell shares to cover Didi losses

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Uber shares drop as Softbank plans to sell shares to cover Didi losses
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CNBC's Deirdre Bosa reports that Softbank plans to sell a block of Uber shares to cover losses from Didi.

, two people familiar with the matter told CNBC. It's planning to sell 45 million shares, which will have a 30-day lockup.The value of Uber's own Didi stake declined $2 billion

following the June debut of Didi's American depositary shares on the New York Stock Exchange, as China reportedly planned fines and other punishments against the company amidst a broader crackdown on U.S. listed Chinese companies.The news comes one week after Uber stock rose slightly after the company's trucking unitDidi shares have fallen 37% from their $14.14 closing price on

, June 30. Over the same period Uber shares are down about 8%. The SoftBank Vision Fund owned 21.5% of Didi following its U.S. listing.

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