Uber's valuation is reportedly down. That's according to Softbank's offer to buy shares of the ride-sharing company at a 30 percent discount. Axios' Dan Primack breaks down what this pending deal could mean for Uber. The Japanese firm is leading a group that will purchase billions of dollars worth of shares from employees and investors at a $48 billion valuation, and invest about $1 billion in Uber at the previous valuation of $68 billion. Primack says most of this investment will go to early shareholders. The "unofficial" reason for the investment at the old valuation is that is the price Saudi Arabia's public investment fund bought in about a year ago. Potential sellers, such as early investors and employees, have 20 business days to give Softbank an answer during the tender process. Primack called Softbank's price at a 30 percent discount an "opening bid," and doesn't see any way this deal is accomplished at this starting price. Ultimately, Uber CEO Dara Khosrowshahi needs this deal to get done because it's tied to governance changes, says Primack. It will give Khosrowshahi and the board more control, and former Uber CEO Travis Kalanick less control.