A major technology company on Wednesday announced a $30 million stock sale that valued it at $1.3 billion.
The sale, called the “UberShare,” was announced on Wednesday by the company’s chief executive officer, who also serves as chairman of the board.
“The UberShare was acquired by the shareholders of an emerging technology company for $30 Million,” wrote Tim Cook in a tweet.
“Great work everyone.”
The shares were originally valued at $90 per share but are now valued at about $1,200 per share, making them one of the largest single-day stock sales in the company in the past decade.
The transaction includes more than $2.7 billion in cash, shares of Uber Technologies and a $50 million share in a Chinese tech firm called Toget.
The company is a division of ride-hailing company Uber Technologies.
Uber is facing criticism for allegedly unfairly slowing down its drivers in order to make money.
Earlier this month, a federal judge in New York ruled that Uber should be required to disclose more about its business practices and the drivers’ union, the American Federation of Government Employees.
The Justice Department has also sued the company for allegedly failing to protect drivers’ rights.