[raiyu]

It's an internally sponsored secondary which means that the buyer has already been determined which in this case is Softbank and Uber will put together some requirements around which share holders can sell and what amount of their stake.

Something typical is if you have been at the company for X number of years, you can sell X% of your vested equity.

They will have a large bank or some other third party as the underwriter for the deal to figure out the correct pricing and then offer it to the employees that are eligible to sell shares until they reach the buyer's total requested amount, which in this case is $9B.

[JumpCrisscross]

> They will have a large bank or some other third party as the underwriter for the deal

Secondaries aren’t underwritten; they’re brokered. Underwriters purchase the shares for their own account and then resell them. In a secondary, the buyer and seller negotiate directly.