SoftBank chief welcomes activist investor Singer as Vision Fund logs loss
SoftBank Group Corp. founder Masayoshi Son opened the door to making at least some of the changes championed by activist investor Paul Singer, after the company reported a second quarter of losses from its startup investing. Son called Singer's Elliott Management Corp. an "important partner" ...
SoftBank Group profit down 69%, but shares soar on T-Mobile-Sprint deal
SoftBank Group said its net profit plunged nearly 70 percent for the nine months to December as investments in share companies such as WeWork and Uber took a hit.
WeWork bailout stalls as Japan banks balk at lending Softbank $3 billion
SoftBank Group Corp.'s talks to secure $3 billion (about ¥328 billion) from the nation's three biggest banks have stalled as the lenders have hit internal lending limits to the firm, two people said, complicating a $9.5 billion rescue package for WeWork. The technology conglomerate is ...
SoftBank will have 'last laugh' on WeWork deal, analyst predicts
SoftBank Group Corp.'s massive investment in WeWork triggered a multibillion-dollar write-down and a rare apology from founder Masayoshi Son. But one analyst argues the deal is likely to work in the end and SoftBank will have the "last laugh." Chris Lane of Sanford C. Bernstein ...
SoftBank's new tech fund to fall shy of target, Telegraph reports
SoftBank Group Corp. has scaled back ambitions for its second Vision Fund after the failure of big bets, including WeWork, by its first fund rattled partners such as Saudi Arabia, according to the Sunday Telegraph. The second Vision Fund is expected to fall significantly short ...
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 ...
