Uber is going to stop spending billions in China to compete with Didi Chuxing, and will merge its China operations with its chief rival. Uber's concession will give it a 20 percent stake in Didi, which is now valued at $35 billion. Even more important: The deal will placate investors worried that China was going to be a financial black hole for Uber.
[
Kara Swisher | Recode]