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WeWork announced on Wednesday it accepted a rescue package from SoftBank Group Corp., its largest investor, that will give the Japanese conglomerate an 80 percent stake in the company.

The deal marks the end of an era for the troubled co-working giant, which raised money at a $47 billion valuation in January, pulled out of a botched initial public offering attempt last month and is now valued at less than $8 billion in the bailout.

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