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In plain english: They bought some stake in company Didi. In this past quarter, they acknowledged this stake was worth 3.2b less than it was recorded as in th
by vineyardmike 5y ago
In plain english:
They bought some stake in company Didi.
In this past quarter, they acknowledged this stake was worth 3.2b less than it was recorded as in their books.
Therefore, their books now "lost" 3.2B in value.
But they did not "overspend" by 3.2B in the sense most people expect when hearing "they just lost 3.2B this quarter"
- moralestapia 5y ago>In this past quarter, they acknowledged this stake was worth 3.2b less than it was recorded as in their books. Lol, how does that happen, honestly.
- vineyardmike 5y agoTLDR: Chinese Government. Chinese Government announced it was investigating Didi for national security, which is usually code for corruption/ scaring management into greater compliance. Didi was a massively valuable Chinese company Uber owned a significant amount of. When the stock value crashed (-23% this quaarter), it destroyed a significant amount of book-value for uber who owned it.
- moralestapia 5y agoThanks, I didn't knew that story.