Uber and Waymo have finally reached a settlement in their long running legal battle. The settlement gives Waymo 0.34 percent of Uber’s equity, based on its earlier $72 billion valuation. That gives Waymo $245 million, but the settlement also guarantees that Uber’s self-driving cars will only use technology that the company itself developed. The company will not be using any of the technologies it has allegedly stole from Waymo.
The settlement between Uber and Waymo probably works out well for Uber, since Waymo had originally demanded a $1 billion settlement from the lawsuit.
“To be clear, while we do not believe that any trade secrets made their way from Waymo to Uber, nor do we believe that Uber has used any of Waymo’s proprietary information in its self-driving technology, we are taking steps with Waymo to ensure our Lidar and software represents just our good work,” said Dara Khosrowshahi, CEO of Uber, in a statement. You can read his entire statement here.
The settlement probably works out well for Uber, since Waymo had originally demanded a $1 billion settlement from the lawsuit. Both the companies will be taking care of their own legal bills and The Verge reports that the settlement is “all equity, zero cash”.