WeWork Is Bankrupt—And SoftBank’s Losses Are $14 Billion and Counting

The Wall Street Journal2023-11-09

WeWork hasn’t worked well for SoftBank.With WeWork’s bankruptcy filing Tuesday, SoftBank has lost over $14 billion on its investments in the office-leasing company, an analysis of SoftBank filings and...

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买香蕉也用券
2023-11-09
买香蕉也用券
😢 From a priced startup , to bankruptcy. Idea was reallygood, but just couldn't survive thru it:( sad to see anOther good company to goo

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The scale of the loss is especially striking given the industry: Competitor IWG, with similar revenue to WeWork, has a market value of $1.7 billion.</p><p>SoftBank, Masayoshi Son&#39;s Tokyo-based technology investment firm, committed over $10 billion of funding to WeWork when it was run by co-founder Adam Neumann. SoftBank then lent $5 billion—and bought more equity—to bail out the company in 2019 after Neumann was ousted as chief executive.</p><p>The losses come from both debt and equity. SoftBank put about $12 billion into WeWork shares, per a 2022 filing. And while SoftBank offloaded some loans to other investors, it is by far the largest creditor and has steadily written down the debt in recent quarters.</p><p>In its March 2022 annual report, SoftBank said it had lost $8.7 billion on WeWork stock. 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWeWork Is Bankrupt—And SoftBank’s Losses Are $14 Billion and Counting\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-11-09 10:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/livecoverage/stock-market-today-dow-jones-11-08-2023/card/wework-is-bankrupt-and-softbank-s-losses-are-14-billion-and-counting-0qi7ppzt5txbktqSgbia><strong>The Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>WeWork hasn’t worked well for SoftBank.With WeWork’s bankruptcy filing Tuesday, SoftBank has lost over $14 billion on its investments in the office-leasing company, an analysis of SoftBank filings and...</p>\n\n<a href=\"https://www.wsj.com/livecoverage/stock-market-today-dow-jones-11-08-2023/card/wework-is-bankrupt-and-softbank-s-losses-are-14-billion-and-counting-0qi7ppzt5txbktqSgbia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"WEWKQ":"WeWork Inc."},"source_url":"https://www.wsj.com/livecoverage/stock-market-today-dow-jones-11-08-2023/card/wework-is-bankrupt-and-softbank-s-losses-are-14-billion-and-counting-0qi7ppzt5txbktqSgbia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164213569","content_text":"WeWork hasn’t worked well for SoftBank.With WeWork’s bankruptcy filing Tuesday, SoftBank has lost over $14 billion on its investments in the office-leasing company, an analysis of SoftBank filings and WeWork’s stock price shows.It is an astounding amount of money to have lost on a single company, and it marks one of the worst bets ever on a startup. The scale of the loss is especially striking given the industry: Competitor IWG, with similar revenue to WeWork, has a market value of $1.7 billion.SoftBank, Masayoshi Son's Tokyo-based technology investment firm, committed over $10 billion of funding to WeWork when it was run by co-founder Adam Neumann. SoftBank then lent $5 billion—and bought more equity—to bail out the company in 2019 after Neumann was ousted as chief executive.The losses come from both debt and equity. SoftBank put about $12 billion into WeWork shares, per a 2022 filing. And while SoftBank offloaded some loans to other investors, it is by far the largest creditor and has steadily written down the debt in recent quarters.In its March 2022 annual report, SoftBank said it had lost $8.7 billion on WeWork stock. It reported further losses, equivalent to about $5 billion, on both equity and debt between then and June 30 of this year.The $390 million SoftBank reported holding in WeWork shares in June has fallen considerably in value since, and is likely to be wiped out in a bankruptcy.Stocks surged 91.5% in the pink sheet market on Wednesday.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":4,"commentSize":0,"repostSize":1,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1164213569"}