You gotta know when to fold ‘em: Uber and Didi call truce in China with $35 billion deal - Recode

Tbd who's being taken for a ride

"Under terms of the deal, Uber China, the ride-hailing company’s Chinese subsidiary, will be part of a larger Didi company valued at $35 billion. Uber gets a 20 percent stake in that — Didi’s previous valuation was $28 billion.

That’s a $7 billion value for upwards of $2 billion that Uber has frittered away, um, spent there. (Really, nice trade!)

In turn, Didi will invest in Uber at a valuation of almost $70 billion. That was about the value of Uber’s last round."

You gotta know when to fold ‘em: Uber and Didi call truce in China with $35 billion deal - Recode