Waymo, the self-driving vehicle unit of Alphabet, claims that it is seeking damages from Uber worth only $1.86 billion. We may have been surprised by Uber going on the offensive last week, but this news should not come as a surprise. The lawsuit filed by Waymo refers to proprietary technology that belongs to them, which they are claiming was stolen by an Uber executive. The allegations were filed by Waymo on Friday. Uber has denied the allegations.
As a result of this news, stocks of Alphabet, Inc. plummeted by 1.7%, trading at 927.08 in the early afternoon. Last week, an attorney at Uber stated in a San Francisco Federal Court that Waymo was seeking damages worth $2.6 billion for a single trade secret that Waymo accused Uber of appropriating.
The filing done on Friday indicates the damages Waymo seeks are not additive. However, if Uber has indeed stolen trade secrets, the damages could equal up to $1.86 billion. While the litigation is set to begin in October 10, Waymo has asked for more time from Federal Magistrate William Alsup.
Waymo claims to have received a huge set of documents from Uber, so it needs time to read through them to prepare for the trial. Instead, the judge ordered Waymo they will have come prepared for the trial as scheduled. Before these events, Alphabet’s shares had been on the rise by 17%, and the S&P 500 index ticked at 11.8%, which is on the higher side.