Join our Waitlist for Expert Advice!

Uber CEO Responded to Apple's $1B Investment in Chinese Rival in a Joking Tweet Travis Kalanick explained that his girlfriend owns Apple shares which makes her an investor in Didi Chuxing, Uber's rival in China.

By Arjun Kharpal

This story originally appeared on CNBC

C Flanigan | Getty Images
Founder and CEO of Uber Travis Kalanick.

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 over $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.

"We are making the investment for a number of strategic reasons, including a chance to learn more about certain segments of the China market," Cook said.

"Of course, we believe it will deliver a strong return for our invested capital over time as well."

Several reports over the last few months have also suggested that Apple is looking to develop an electric car so investing in a company with links to the automotive industry seems sensible.

News Assistant, CNBC EU News Digital Team

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

At 16, She Started a Side Hustle While 'Stuck at Home.' Now It's on Track to Earn Over $3.1 Million This Year.

Evangelina Petrakis, 21, was in high school when she posted on social media for fun — then realized a business opportunity.

Health & Wellness

I'm a CEO, Founder and Father of 2 — Here Are 3 Practices That Help Me Maintain My Sanity.

This is a combination of active practices that I've put together over a decade of my intense entrepreneurial journey.

Business News

Remote Work Enthusiast Kevin O'Leary Does TV Appearance Wearing Suit Jacket, Tie and Pajama Bottoms

"Shark Tank" star Kevin O'Leary looks all business—until you see the wide view.

Business News

Are Apple Smart Glasses in the Works? Apple Is Eyeing Meta's Ran-Ban Success Story, According to a New Report.

Meta has sold more than 700,000 pairs of smart glasses, with demand even ahead of supply at one point.

Money & Finance

The 'Richest' U.S. City Probably Isn't Where You Think It Is

It's not located in New York or California.

Business News

Hybrid Workers Were Put to the Test Against Fully In-Office Employees — Here's Who Came Out On Top

Productivity barely changed whether employees were in the office or not. However, hybrid workers reported better job satisfaction than in-office workers.