SoftBank's startup bookkeeping draws scrutiny after WeWork fiasco
In early 2018, the founders of Chinese artificial intelligence startup SenseTime Group Ltd. flew to Tokyo to see billionaire investor Masayoshi Son. As they entered the offices, Chief Executive Officer Xu Li was hoping to persuade the head of SoftBank Group Corp. to invest ...
WeWork's escape plan is buried in the books at its Tokyo office
Masayoshi Son stood on stage in Tokyo earlier this month and told skeptical SoftBank Group Corp. investors that making WeWork Cos. profitable is not only possible, but will be "simple." Driving that confidence is WeWork's Japanese unit, which is already in the black and ...
SoftBank to go ahead with WeWork stock tender offer this week
SoftBank Group Corp. will this week launch a previously agreed tender offer for as much as $3 billion of WeWork shares, including up to $970 million owned by the office sharing company's cofounder, Adam Neumann, two people familiar with the matter said. The tender offer ...
WeWork to lay off 2,400 employees globally in SoftBank revamp
WeWork said on Thursday it is laying off around 2,400 employees globally, as the office-sharing company seeks to drastically cut costs and stabilize its business after it transformed from a Wall Street darling into a pariah in a matter of weeks. The long-anticipated layoffs are ...
SoftBank in talks with Japanese banks as it seeks loans to bail out WeWork
SoftBank Group Corp. is in talks with partner financial institutions including Mizuho Bank to secure loans totaling ¥200 billion to ¥300 billion to support The We Co., operator of the WeWork office-sharing business, sources with knowledge of the matter said Thursday. SoftBank plans to provide ...
WeWork says job cuts to begin 'in earnest' this week in U.S.
WeWork said it will begin job cuts "in earnest" this week in the U.S., a bid by the struggling office-sharing startup to stabilize its business amid staggering losses. Executive Chairman Marcelo Claure told staff in an email Monday that the process, which will involve eliminating ...
The surge in co-working leases that accompanied the rise of WeWork will take a pause in the aftermath of the startup's abandoned IPO, a prominent New York developer said Thursday. In recent quarters, as much as 25 percent of office leases in New York have ...
WeWork talking with T-Mobile's John Legere in search for new CEO
WeWork is considering a candidate with deep ties to its majority shareholder SoftBank Group Corp. as its new chief executive officer, people familiar with the matter have said, in hopes of turning around the troubled coworking company. T-Mobile US Inc. head John Legere has spoken ...
WeWork said Friday it will divest from several side businesses and cut jobs as part of a 90-day plan to turn itself around following its botched attempt to sell stock on Wall Street. The office-sharing company will divest from five noncore businesses, including Meetup, the ...
SoftBank's Son says it's business as usual after record loss, but Tokyo traders aren't buying it
Masayoshi Son wants investors to believe that a record loss from investments in money-losing startups WeWork and Uber Technologies Inc. is but a bump in the road. Some aren't buying it. SoftBank Group Corp.'s shares fell as much as 4.2 percent in Tokyo trading on ...
