Uber owes Waymo $244 million after trade-secret settlement

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Waymo gets 0.34 percent of Uber's equity at the company's $72 billion valuation, which works out to a value of around $245 million.

Waymo in its statement Friday said it was "committed to working with Uber (Google is an early investor in the ride-sharing company) to make sure that each company develops its own technology".

"To our friends at Alphabet: we are partners, you are an important investor in Uber, and we share a deep belief in the power of technology to change people's lives for the better", Dara Khosrowshahi said. Waymo also asked for an apology.

Prior to the trial, Waymo had sought a settlement of more than $1 billion, which Uber rejected.

"My job as Uber's CEO is to set the course for the future of the company: innovating and growing responsibly, as well as acknowledging and correcting mistakes of the past", he said.

Alphabet's Waymo self-driving vehicle unit and ride-hailing firm Uber Technologies have settled their legal dispute over trade secrets, the two companies said. Uber can be found liable for trade-secret theft not only if it knew of a theft, but also if it should have known, said Jim Pooley, a trade secrets expert who has followed the case.

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Waymo alleged that Anthony Levandowski, who headed up Waymo/Google's self-driving auto division, took confidential intellectual property (roughly 10GB of data files that were downloaded from corporate servers) with him when he left in early 2016 to start Otto.

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The U.S. Department of Justice is conducting a separate, criminal investigation into the trade secrets. In fact, since this case began, Uber even fired Levandowski because he would not comply with subpoenas.

Khosrowshahi also apologized to the Uber employees in the company's self-driving auto division for "distracting from your mission" with the lawsuit.

The two companies will now continue to compete in self-driving and ridesharing, in what Khosrowshahi called the "great race to build the future". Its has acquired a California permit but still does not have self-driving cars transporting passengers there. That probably would not have looked good for Uber, so the timing of the settlement is telling.

As Uber's lawyers questioned him, Kalanick recalled how he had so much fun as the company's chief executive. Google has worked on autonomous cars since 2009 and Uber since 2015.

Alphabet's Waymo division was seeking at least $1 billion over the theft of secrets from its self-driving vehicle program in the trial before federal judge William Alsup. If Waymo had been able to convince a jury that its trade secrets were on Uber's servers, Uber would have suffered financially.

Travis has claimed in the federal courts that he hired engineer Anthony Levandowski former technical lead on the Waymo's self-driving project because he was "incredibly visionary, a very good technologist".

Kalanick appeared subdued in front of jurors, but he returned to his famously pugnacious style in a statement on Friday, saying Uber's sole objective was to hire the most talented scientists and engineers.

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