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'A lot of people thought this wasn't a good investment': Uber gamble could result in $858m windfall

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'A lot of people thought this wasn't a good investment': Uber gamble could result in $858 million windfall

The consolation: a potential $US600 million windfall from a mere $US5 million wager that Goldman's bankers made using the firm's own money back in 2011, only a year after Uber had started offering rides.

Cohn didn't identify those opposed but said the disagreement was a sign of good due diligence. Goldman's estimated $US600 million gain is based on the likely valuation of the 10 million shares it still holds, combined with profits it already realized on a sale of stock to SoftBank. It was over meat pies and beers in a Dublin pub that Stanford first met Uber founder Travis Kalanick. At the time, Stanford was leading Goldman Sachs's internet investment-banking practice and had previously secured investments in other companies, such as Facebook and LinkedIn, from other corners of the bank.

"That would have been my view," Cohn said. "I had a very, very strong relationship with that management team. I bear-hugged the relationship."

 

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