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Uber's self-driving unit now worth $7.25 billion

Uber picks $1 billion in investment - the pioneer ridesharing company announced that it had raised funds from SoftBank, Denso and Toyota, valuing its self-driving unit at $7.25 billion ahead of the firm’s initial public offering later this year.

Khosrowshahi announced the investment with a tweet, which included a photo of the chief executive alongside executives from SoftBank, Toyota, and Denso. According to the accompanying press release, the capital injection values Uber’s self-driving unit at $7.25 billion, ahead of the company’s official initial public offering likely later this year. Uber’s IPO, which does not yet have a set date, is expected to raise around $10 billion for the ride-hailing company and would value the company at as much as $100 billion, the WSJ reports.