Softbank

Hedge fund and activist investor Elliott Management Corp. expanded its long-held stake in SoftBank Group Corp - ADR (OTC: SFTBY) last year to about 3%, according to The Wall Street Journal. The $2.5 billion bet makes SoftBank one of Elliott’s largest investments. “Elliott’s...

Co-working space startup WeWork has signed an agreement to provide Gympass with office space for 250 employees in Manhattan, Reuters reported Sunday. What Happened The agreement, which is valid for three years, will see Gympass' capacity in the city triple, according to Reuters. Much like...

Two investors could purchase a controlling stake in WeWork China, sources told Reuters. What Happened The investors, Temasek Holdings and Trustbridge Partners, have had negotiations with WeWork China about buying more shares to own a majority stake in the company. A takeover proposal...

Ride-sharing company Uber Technologies Inc. (NYSE: UBER) co-founder Travis Kalanick sold about 12.7 million shares he owned in the company last week, according to a public filing with the Securities and Exchange Commission. What Happened The shares worth around $383 million were sold in...

The office-sharing company WeWork has secured a $1.75 billion letter of credit with Goldman Sachs Group Inc (NYSE: GS), according to Bloomberg. What Happened WeWork said on Tuesday that it had obtained a $1.75 billion letter of credit with Goldman Sachs. The new $1.75 billion credit line is...

In an updated filing with the U.S. Securities and Exchange Commission on Wednesday, fintech company OneConnect Financial Technology Ltd changed the amount it is expecting to raise as part of its initial public offering — for the second time in December. Up, Down, Up, And Down Again The...

The co-working space startup WeWork will lay off 2,400 employees which is 19% of its workforce as it works to cut costs, according to CNBC reports. The massive layoffs come at a time when WeWork is facing larger than ever drop in profits. The company posted a net loss of $1.25 billion in the...

Co-working space startup WeWork made a net loss of $1.25 billion in the third quarter in 2019, the company told its investors on Wednesday, according to the Wall Street Journal. What Happened The New York-based company saw a total revenue of $934 million, a 94% increase compared to the...

Japan-based multinational conglomerate Softbank (OTC: SFTBY) wrote off billions of dollars in losses from investments in Uber Technologies Inc (NYSE: UBER) and WeWork. Softbank reported its first quarterly loss in 14 years last Wednesday, which may raise questions on CEO Masayoshi Son's...

SoftBank Group Corp (TYO:9984)(OTC: SFTBY) Chairman Masayoshi Son said he made a judgment error investing in WeWork that ultimately cost the investment bank its worst quarterly loss in history, the Wall Street Journal reported on Wednesday. What Happened “My own investment judgment was really...

Early Uber Technologies Inc (NYSE: UBER) investor and Tusk Ventures CEO Bradley Tusk said on CNBC Wednesday he will be selling some of his shares in the ride-hailing company as the IPO lockup period comes to an end. What He Said Tusk identified two fundamental problems and sources of concern for...

Adam Neumann may have stepped down from WeWork’s board, but his past actions continue to haunt the co-working space company recently taken over by SoftBank. What Happened Medina Bardhi, former Chief of Staff at WeWork, filed a complaint with the Equal Employment Opportunity Commission in...

The We Company, WeWork’s parent company, has set up a special board committee to study financing proposals as a cash crunch looms. What Happened The company is discussing a $5 billion financing rescue from its largest shareholder Softbank Group Corp (OTC: SFTBY), and its principal lender...

Jim Cramer is sort of getting what he wished for: WeWork has made the decision to hold off on its highly publicized initial public offering. What Happened WeWork, the office-sharing startup company, was valued as high as $47 billion during private rounds of financing but may now be worth between $...

Ride-hailing investors saw their holdings fall Tuesday to the lowest level ever, led by Lyft Inc (NASDAQ: LYFT), whose stock dropped more than 7%, while Uber Technologies Inc (NYSE: UBER)'s stock fell close to 6%. What Happened Uber, the larger of the two ride-hailing companies, hit an all-time...