Uber CEO Dara Khosrowshahi
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Goldman Sachs sold its entire stake in ride-hailing giant Uber in the fourth quarter, according to a person with direct knowledge of the move.
The sale, which likely resulted in a large gain for the early investor in Uber, helped the bank beat analysts’ expectations for revenue in the period.
It appears that Goldman, which reported earnings Wednesday, sold at the earliest opportunity: Uber’s post-IPO lockup period for share sales ended in early November.
Goldman took advantage of “harvesting opportunities” in the quarter by selling some of its holdings, CFO Stephen Scherr told analysts Wednesday. He added that the bank would continue to pare investments in public companies, which totaled $2.4 billion at year-end.
In the past, Goldman’s public and private holdings in companies such as Uber and WeWork have caused volatility in quarterly results, and the firm recently changed its reporting segments to move those activities to its asset management division.
Goldman reportedly owned about 10 million shares of Uber late last year.