Coatue Management, a new investor, and existing Uber investors Altimeter Capital and TPG will purchase up to $600 million of stock at $40 a share.The transaction will launch next week and likely close at the end of June, Uber said. Uber last month bought JUMP, an electric bike service startup, as part of its effort to expand its transportation offerings. "We are off to a terrific start in 2018," Khosrowshahi said. "We plan to reinvest any over-performance even more aggressively this year, both in our core business as well as in big bets like Uber Eats globally. Uber on Wednesday said it had shut down its Arizona self-driving car operation, although it plans to continue testing the vehicles in California and Pittsburgh, Pennsylvania.

Source: The Star May 23, 2018 23:15 UTC