Uber Ends Waymo Trade Secret Lawsuit With $245 Million Equity Deal
Uber resolves its yearlong legal battle with Alphabet's Waymo by granting a 0.34 percent equity stake worth approximately $245 million. The settlement includes strict guarantees that Uber does not use Waymo's confidential self-driving technology.
Uber settles its high-profile courtroom battle with Alphabet’s self-driving car unit Waymo by handing over a 0.34 percent equity stake. This financial agreement amounts to about $245 million based on Uber’s recent $72 billion valuation. The deal concludes a yearlong dispute that centers on alleged theft of trade secrets related to autonomous vehicle technology.
As part of the settlement, Uber agrees not to incorporate any of Waymo’s confidential information into its hardware and software. However, Uber CEO Dara Khosrowshahi insists that the company does not actually use any of Waymo’s proprietary information in its self-driving technology. Khosrowshahi expresses regret over the dispute and wishes his predecessors had handled the situation differently.
The resolution brings an ironic twist to the bitter legal fight, as Waymo now owns a direct financial stake in Uber's success. Reports indicate that Uber's board previously rejects a larger settlement offer worth around $500 million with fewer constraints. Both companies emphasize that the agreement allows them to move forward and develop their own independent self-driving technology without ongoing legal distractions.