Back in April, we predicted that the next time Uber raised capital, it’s valuation would fall so far that it would go from the highest valued startup in Silicon Valley history and the highest valued startup in the heady ride-sharing space.

Four months later, that appears to be bearing out. The Information reports that the rumored Softbank deal would come at a steep discount from Uber’s near-$70 billion valuation, valuing the company between $40 billion and $45 billion. This is the first numbers based argument for the board’s decision to shove CEO Travis Kalanick out of his job...