SoftBank unveils US$9.5b WeWork rescue, gets 80% stake

SoftBank’s losses from its recent investments could run into the billions of dollars. Founder Masayoshi Son is likely to address the subject when the company reports quarterly earnings on Nov. 6

TOKYO: WeWork announced on Wednesday it has accepted a rescue package from SoftBank Group Corp., its largest investor, that will give the Japanese conglomerate an 80% stake in the company.

The deal marks the end of an era for the troubled co-working giant, which raised money at a $47 billion valuation in January, pulled out of a botched initial public offering attempt last month and is now valued at less than $8 billion in the bailout.