Apple’s Didi investment back in 2016 was hailed by the Cupertino company’s CEO Tim Cook as a “great financial investment.” Sadly, that very much turned out not to be the case.
The investment has instead seen Apple’s billion-dollar stake lose at least 80% of its value, and the company’s sole representative on the Didi board has now quietly resigned …
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Earlier this morning, Reuters reported that the popular Didi Chuxing Chinese ride service was eying a US initial public offering with Goldman Sachs and Morgan Stanley leading the effort. Now it’s come to light that the company has allegedly already confidentially filed for the IPO. Notably, Apple invested $1 billion in Didi back in 2016 which also gave it a seat on the ride service’s board.
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Apple CEO Tim Cook has penned a short piece on Didi Chuxing president Jean Liu for Time’s 100 Most Influential People feature, and in it he shares his vision for the company in which Apple invested $1 billion last year.
Cook first explained Apple’s investment in the Chinese Uber competitor as “a chance to learn more about certain segments of the China market” among other strategic reasons, and in his latest piece Cook describes the potential for Didi Chuxing to help solve every commuter’s nightmare:
Last year, Apple invested $1 billion in the Chinese Uber competitor Didi Chuxing, receiving a seat on the company’s board as well. According to a report from Recode, Didi Chuxing is today opening a new artificial intelligence lab right in Apple’s backyard…
Earlier this year, Apple invested $1 billion in Chinese Uber competitor Didi Chuxing, and at the time, there was some discrepancy as to whether or not Apple got a board seat with that investment. Didi Chuxing itself said that Apple didn’t have a seat, but now The Information reports otherwise…
The WSJ reports that China has opened an antitrust investigation into the acquisition of Uber China by local rival Didi Chuxing. The deal went ahead a few months after Apple invested $1B in Didi Chuxing.
Reuters sources have said that Apple’s billion dollar investment in Chinese ride-sharing company Didi Chuxing was one of the key factors that led to Uber ceasing independent operation in the country. It was announced earlier this week that Didi had acquired UberChina in return for a 20% shareholding.
Apple invested $1B in Didi back in May, the same month that the company began actively seeking to acquire UberChina. Together with investments with Chinese tech companies Alibaba and Tencent, it was this which led Uber to conclude that it was being out-spent and would ultimately lose the expensive battle for market domination …
Didi Chuxing, the market-leading ride-hailing service in China, has bought out Uber’s operations in the country, reports Bloomberg. The deal gives Uber and its investors a total 20% shareholding in Didi.
Didi will buy Uber’s brand, business and data in the country, the Chinese company said in a statement.
The WSJ notes that Didi will also invest $1B in Uber as part of the deal, the same amount Apple invested in Didi back in May …
In this week’s top stories: iPhone 7 leaks, Apple invests in a Chinese Uber competitor, the UK shows off works to bring driving licenses to Apple Wallet, and we take a look at the state of jailbreaking for May, new apps, & much more. Head below for the usual handy roundup of links to all this week’s most shared stories and video.
