SoftBank

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WeWork Sues Erstwhile Buyer Over 'Buyer's Remorse'

Claims investor worked to ensure conditions of stock takeover wouldn't be met

(Newser) - WeWork is suing the Japanese bank that offered to save it from insolvency before backing out of a $3 billion stock takeover . In a lawsuit filed Tuesday, the special committee of WeWork's board said SoftBank and CEO Masayoshi Son took "desperate" actions to back out of the tender... More »

WeWork Founder Now an 'Ex-Billionaire'

SoftBank pulls out of $3B stock takeover, a big blow to Adam Nuemann

(Newser) - SoftBank's cold feet apparently became frozen. WeWork's largest investor announced Thursday that it was backing out of a deal to buy $3 billion in shares of the communal office-space startup, including some $970 million worth from founder and former CEO Adam Neumann. SoftBank said it was "fully... More »

WeWork's Founder May Not Get His Mega Payday

SoftBank is reconsidering $3B stock takeover deal

(Newser) - The co-founder of troubled communal office space startup WeWork may not get his billion-dollar parachute after all. SoftBank, the Japanese conglomerate that was planning to bail out of the company by buying $3 billion in WeWork shares from current shareholders—including almost $1 billion of co-founder Adam Neumann's shares—... More »

SoftBank Just Took Massive $6.5B Bath Over WeWork, Uber

CEO Masayoshi Son: 'There was a problem with my own judgment' on WeWork, Uber investments

(Newser) - SoftBank took a gamble on WeWork and Uber—and it just took a $6.5 billion quarterly operating loss, Bloomberg reports, its first in 14 years. The Japanese's firm's CEO is coming out of the situation both pensive and "defiant," per the New York Times . "... More »

WeWork Founder to Get $1.7B Parachute

SoftBank will take over the troubled communal office-space startup

(Newser) - The Wall Street Journal reports SoftBank Group Corp. has reached a deal to take control of WeWork, the communal office-space startup recently beset by problems. WeWork's board approved the deal, which would give co-founder Adam Neumann, who stepped down as CEO but remains on the board, $1.7 billion.... More »

WeWork Pulls 2.3K 'Toxic' Phone Booths Out of Service

Insiders say troubled firm plans round of layoffs

(Newser) - The problems are piling up for WeWork: The shared workspace company informed tenants Monday that it has closed 2,300 phone booths at 223 sites in the US and Canada after detecting high levels of a cancer-causing chemical, reports Reuters . The company says it began testing for formaldehyde after a... More »

Monster $32B Tech Deal Came Together in 2 Weeks

Sprint parent SoftBank bid for ARM Holdings is its latest move into 'Internet of Things'

(Newser) - SoftBank, owner of Sprint, wants to make further inroads into the "Internet of Things," and it hopes the $32 billion acquisition it just made will help it achieve that end. Per the AP , the Japanese tech company has purchased Britain's ARM Holdings , a firm that designs the... More »

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