Uber has reached a settlement agreement with Alphabet over its lawsuit against the ride-hailing company claiming theft of trade secrets.
Uber has agreed to pay Alphabet the equivalent of $245 million in equity. The agreement specifically requires Uber to give Alphabet 0.34 percent of Uber’s latest funding series. Sources involved in the negotiations say it’s based on a $72 billion valuation.
That’s a spicy meatball! On the upside for Uber all those figures that were being bantered around for their value during their last series of funding were actually lower than what they’re really worth.
Uber CEO Dara Khosrowshahi still seems to think they did nothing wrong despite the settlement saying:
“…we do not believe that any trade secrets made their way from Waymo to Uber, nor do we believe that Uber has used any of Waymo’s proprietary information in its self-driving technology…”
I don’t know dude, say what you want but your company just paid US$245m to end a lawsuit. It certainly makes everyone think Uber did.
Source: Uber and Alphabet have settled their self-driving lawsuit with a $245 million equity payout – Recode