A WeWork board committee that negotiated a $3 billion (¥326.4 billion) tender offer with SoftBank Group sued the conglomerate Tuesday for abandoning the deal, accusing it of succumbing to "buyer's remorse" amid the novel coronavirus outbreak. The tender offer was part of a $9.6 billion ...
Some WeWork staff planned their lives around a stock deal that just collapsed
Teddy Kramer worked at WeWork from 2013 to 2015. When he left the company, he had been a director of new market development, helping the coworking startup open new offices in different regions. He’d put in the time and been granted shares in the ...
SoftBank Group Corp. is scrapping an agreement to spend $3 billion (¥322 billion) to buy WeWork stock from former CEO Adam Neumann and other shareholders, despite threats of legal action from some members of the company’s board. SoftBank had agreed to buy the shares from ...
KDDI and SoftBank team up on spreading 5G networks to rural Japan
KDDI Corp. and SoftBank Corp. have set up a joint venture to promote the development of rural infrastructure for 5G ultrahigh-speed mobile communications services. The two mobile carriers will use the venture, 5G Japan Corp., to accelerate the establishment and sharing of the fifth-generation base ...
WeWork’s imperiled $3 billion stock sale would mostly benefit five investors
In a deal that’s currently at risk of falling apart, a handful of investors would be the main beneficiaries of SoftBank Group Corp.’s plan to buy $3 billion of WeWork stock, according to a person familiar with the matter. As part of the agreement, scheduled ...
SoftBank shares tumble 10% after OneWeb files for bankruptcy
SoftBank Group Corp. fell as much as 10 percent after a provider of satellite-based internet service that it invested in filed for bankruptcy, ceding some gains from an unprecedented plan to sell assets and buy back shares. OneWeb made the filing late Friday U.S. time ...
SoftBank’s big bet on sharing economy backfires with coronavirus
Masayoshi Son has been among the most fervent believers in the sharing economy, investing billions in startups that help people split the use of cars, rooms and offices. But as the coronavirus curtails unnecessary human interaction, it’s hammering such businesses and rattling the foundations of ...
SoftBank joins ultrafast 5G race as domestic competition heats up
SoftBank Corp. launched its ultrafast 5G wireless offerings Friday, joining rivals NTT Docomo Inc. and KDDI Corp. in a battle to attract customers looking for seamless video and game streaming. The 5G services will initially cover a very limited area but will be expanded to ...
SoftBank soars after unveiling ¥4.5 trillion plan to slash debt
SoftBank Group Corp. has unveiled a plan to raise as much as ¥4.5 trillion to replenish its coffers and slash debt over the coming year, moving to address investors' concerns about its exposure to money-losing businesses during the coronavirus pandemic. Its shares surged. The investment ...
KDDI to kick off 5G services Thursday with unlimited data offering
KDDI Corp. said Monday it will launch ultrafast 5G wireless services later this week, offering a monthly plan with unlimited data for ¥8,650 ($77) to entice customers who want to enjoy video and gaming on the go. From Thursday, if customers combine a number of ...
WeWork directors prepare to take on SoftBank if it abandons rescue deal
Two independent WeWork directors are weighing all options, including legal action, after SoftBank Group Corp. advised the company's shareholders it may renege on part of its rescue package. "The Special Committee of the WeWork Board of Directors remains committed to taking all necessary actions to ...
Investors are growing increasingly skittish about the stability of Masayoshi Son’s empire. Son’s SoftBank Group Corp., one of Japan’s most indebted companies, had been chipping away in recent years at concerns about its ability to carry that burden. As the founder remade the telecom company ...
