softbank son
NEW YORK: SoftBank Group agreed to spend more than US$10bil to take over WeWork, doubling down on an ill-fated investment and giving a near US$1.7bil payoff to the US office-space sharing startup’s co-founder Adam Neumann to relinquish control.
The deal represents a stunning reversal of fortune for WeWork as well as its largest shareholder, SoftBank Group Corp, which has committed more than US$13bil in equity to a company that is now valued at just US$8bil.
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