Uber hasn't officially responded to the news that Apple has invested $1 billion in its Chinese rival, but a jokey tweet by the U.S. taxi app's boss about his girlfriend shows he is at least ready to make light of the situation.
Travis Kalanick, the chief executive of Uber, explained that his girlfriend owns Apple shares, which makes her an investor in Didi Chuxing, Uber's rival in China, which Apple took a stake in on Friday. Kalanick used #smh, which stands for "shaking my head."
The investment will most likely not be welcome news for Uber, which has been struggling in China. In February, the ride-hailing app said it's losing more than $1 billion a year in the world's second-largest economy. Didi claims to have an 87 percent market share and is backed by some of China's biggest internet giants including Alibaba and Tencent. The company is reportedly valued at $25 billion, below Uber's $62 billion valuation.
There are a number of reasons behind Apple's investment. In a press release, chief executive Tim Cook said it would give the Cupertino, CA–based technology giant the chance to gain local knowledge.