Saudi Arabia Throws $3.5 Billion at Uber
The juggernaut is driving ahead. Uber, which is now valued at $20 billion more than General Motors, just got a huge chunk of cash from the Middle Eastern kingdom's wealth fund - the largest one-time investment that's ever been made in a private company. The wealth fund's managing director, Yasir Al Rumayyan, is taking a boardroom chair at the company, of which Saudi Arabia now owns approximately five percent. Uber operates in five Saudi cities, but says the new funding doesn't necessarily mean it'll be expanding there.