Uber Technologies Inc. shares fell more than 4.5% in extended trading Wednesday after a report that SoftBank Group Corp. is selling about a third of its stake in the company.

Citing people familiar with the matter, CNBC reported that SoftBank
9984,
-4.84%

is selling 45 million shares in Uber
UBER,
+0.70%

to cover about $4 billion in losses from its investment in Chinese ride-hailing giant Didi Global Inc.
DIDI,
+10.32%
.

The stock of Didi, which like other Chinese-owned, U.S.-listed companies is facing a crackdown from China, has sunk 37% since its closing price of $14.14 when it made its debut on the New York Stock Exchange last month.

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