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WeWork, the troubled co-working giant backed by SoftBank Group Corp., is set to suffer the loss of a major tenant in Japan with the exit of Rakuten Inc., according to people familiar with the matter.

The e-commerce giant will let its contract run out in August without renewing, the people said, asking not to be identified because the details are private. That will leave about 700 desks empty in Tokyo. Rakuten is moving staff in its financial tech arm from the co-working spaces into its new offices, one of the people said.

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