According to an industry source, Chinese internet company Baidu (Nasdaq: BIDU) will announce a new strategic investment on December 17. The rumored target of Baidu's investment will be San Francisco-based car booking app Uber. Further details of the investment were not available.
According to the source, Baidu will make a strategic investment of no more than USD 600 mln. Uber landed USD 1.2 bln in funding in early December.
Read original article
