Uber announces its first share buyback program with an authorization for up to $7 billion worth

Uber Technologies Inc. UBER announced its first-ever share buyback program on Wednesday saying its board has authorized the repurchase of up to $7 billion worth of stock. Chief Financial Officer Prashanth Mahendra-Rajah said the move was a vote of confidence in the company’s financial momentum. “We will be thoughtful as it relates to the pace of our buyback, beginning with actions that partially offset stock-based compensation, and working towards a consistent reduction in share count,” he said in a stateme ...