> it has no effect on the current valuation at all

Agreed, this statement was probably a little strong. But certainly it doesn't represent a new $48B valuation as the article suggests.

I suppose I'm objecting to the implied suggestion that Uber is having a down round (a few other commenters have jumped on that) because of the negative public sentiment they are copping at the moment. It's not like Uber needs cash right now, and I really doubt the board would approve a deal which brought their valuation down for the sake of money they don't need.