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Uber offloaded another business line this week as it handed over Uber Elevate and a $75 million investment to startup Joby Aviation, the companies announced Tuesday.
The companies also revealed a previous $50 million investment from Uber into Joby during its series C fundraise over the summer, bringing Uber's total investment in Joby to $125 million. Uber's divestiture of its air taxi ambitions marks the end of another experimental unit within the company. On Monday, Uber shed its self-driving car business in a similar deal with startup Aurora.
Biz Carson ( @bizcarson) is a San Francisco-based reporter at Protocol, covering Silicon Valley with a focus on startups and venture capital. Previously, she reported for Forbes and was co-editor of Forbes Next Billion-Dollar Startups list. Before that, she worked for Business Insider, Gigaom, and Wired and started her career as a newspaper designer for Gannett.