Uber's purchase of self-driving truck company Otto came at a price that was much lower than originally thought, according to a new analysis from Mark Harris at IEEE Spectrum.
It was widely reported in August 2016, that Uber paid the equivalent of 1 percent of its stock, or $680 million, to acquire Otto. But new information surfaced in the legal drama between Uber and Waymo, Alphabet's self-driving car unit, indicating that Uber may have paid as little as $220 million, based on IEEE's calculation.
Legal documents show that Uber paid 12 million shares for Otto, along with some cash bonuses for employees. However, close to half of those shares went to Otto's ex-CEO Anthony Levandowski, who was fired by Uber in May after being accused of stealing trade secrets from Google, his former employer, and not cooperating with the investigation.