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Photo: Mary Altaffer / AP

Current Uber employees eligible to sell shares to SoftBank are only allowed to tender up to 50% of their holdings, while there are no such restrictions on outside investors or former employees, according to multiple sources. The vast majority of Uber employees are not eligible, because they received restricted stock units rather than stock options.

Bigger picture: For years there has been alignment of interests between current and former Uber employees, in terms of stock value. This restriction changes that dynamic.

  • Uber founder and chairman Garrett Camp hasn't publicly said if he'll participate in the tender, but on Thursday night he tweeted that he's "looking to buy a significant amount of digital currency for the first time... I'm not going to trade, just buy and hold." He later deleted the tweet.
  • Eligible shareholders have until Dec. 28 to tender.
  • "Investor slogging," is a term that was used by Uber's former C-suiters to describe how they'd work to get big investors on their side, so they don't end up backing the competition. Wine 'em. Dine 'em. This is how the original conversations with SoftBank began, while both Travis Kalanick and Emil Michael were still in charge.

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The big picture: President Biden has said he expects the country's death toll to exceed 500,000 people by next month, as the rate of deaths due to the virus continues to escalate.

GOP implosion: Trump threats, payback

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The GOP is getting torn apart by a spreading revolt against party leaders for failing to stand up for former President Trump and punish his critics.

Why it matters: Republican leaders suffered a nightmarish two months in Washington. Outside the nation’s capital, it's even worse.

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Why it matters: Student debt is stopping millions of Americans from buying homes, buying cars and starting families. And the crisis is rapidly getting worse.