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Investors load US$500m into Uber's trucking business

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[SAN FRANCISCO] Uber on Friday said an investment group led by Greenbriar Equity is pumping US$500 million into its trucking unit. Read more at The Business Times.

Uber said it will retain a majority stake in Freight, using the money to expand the logistics platform and speed up technology innovation.

"We believe that carriers and shippers will be increasingly attracted to the convenience and simplicity that Uber Freight offers in a complex marketplace." Uber reported a US$1.8 billion loss in the second quarter of this year as the Covid-19 pandemic caused its shared-ride business revenue to plunge.

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Load up until all independent truckers are driven out of business.

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