-
SoftBank To Give WeWork's Adam Neumann Extra $50M As Part of Settlement Deal
Thursday, February 25, 2021 - 2:10am | 377Read More...WeWork’s co-founder Adam Neumann is set to benefit from a $50 million bonanza along with other benefits as a part of a settlement agreement with SoftBank Group Corp (OTC: SFTBY), the Wall Street Journal reported Wednesday. What Happened: SoftBank will give the former WeWork CEO a $50 million...
-
SoftBank Nears Settlement With WeWork's Adam Neumann: Report
Tuesday, February 23, 2021 - 8:58am | 555Read More...Former WeWork co-founder and CEO Adam Neumann is working towards the legal tussle settlement with SoftBank Group Corp (OTC: SFTBF) (OTC: SFTBY). Neumann is reportedly close to agreeing at a roughly $500 million cut in his payout from less than 18 months of its IPO...
-
SoftBank's Vision Fund To Launch 2 More SPACs, For Total IPO Raise Of $550 Million
Saturday, February 6, 2021 - 12:01pm | 309Read More...SoftBank Group Corp (OTC: SFTBY) is planning to launch two more SPACs. What Happened: The two SPACs aim to raise a total of $550 million in their IPOs, Reuters reported, citing regulatory filings. SVF Investment Corp 2 would offer 20 million shares and warrants, and SVF Investment Corp 3 would...
-
WeWork Gives Away Control Of China Unit To Existing Investors In $200M Deal
Thursday, September 24, 2020 - 2:00am | 345Read More...SoftBank Group Corp (OTC: SFTBY)-owned WeWork is selling a majority of the stake in its Chinese unit to existing investors, Reuters reported early Thursday. What Happened: The investors led by venture capital firm Trustbridge Partners are making a 200 million follow-on investment in the...
-
SoftBank Reports Q1 Earnings Beat, Bouncing Back From Record Losses
Tuesday, August 11, 2020 - 4:08am | 405Read More...SoftBank Group Corp (OTC: SFTBY) posted $12 billion in first-quarter profit Monday, compared with a loss of nearly $13 billion in the same period a year ago. Results Beat Expectations: This was 71.4% above the $7 billion S&P Global Market Intelligence had forecasted, Financial Times...
-
From 'Mission Impossible' To Profitability In 2021, WeWork Chairman Shares Positive Results Despite Pandemic
Monday, July 13, 2020 - 6:43am | 415Read More...The chairman of WeWork, Marcelo Claure, said that the co-working space company was on the verge of being profitable in 2021 after carrying out extensive cost-cutting measures. What Happened In an interview with the Financial Times on Sunday, Claure disclosed that after the company...
-
IWG Takes Over WeWork's Office Space In Hong Kong
Wednesday, June 3, 2020 - 6:28am | 389Read More...IWG Plc. (OTC: IWGFF), formerly known as Regus, a flexible workspace firm has taken over rival WeWork’s Hong Kong office space in an expansion drive. What Happened IWG took over an office located at Hysan Place in Hong Kong that was vacated by WeWork as a part of its retrenchment...
-
WeWork Co-Founder Adam Neumann Is Suing SoftBank For Backtracking On $3B Tender Offer
Monday, May 4, 2020 - 11:21pm | 367Read More...WeWork's co-founder and former CEO Adam Neumann on Monday sued SoftBank Group Corp. (OTC: SFTBY) for breach of contract. SoftBank reneged on a promise to buy the shares from other stakeholders, including investors, employees, and him, based on faulty legal grounds for the benefits it already...
-
SoftBank Loss Might Get As High As $9.4B: Report
Thursday, April 30, 2020 - 9:56am | 335Read More...SoftBank Group Corp.’s (OTC: SFTBY) net loss for the year ended March 2020, is set to rise to $9.39 billion. What Happened Three weeks after its previous forecast, SoftBank revised its projected non-operating losses to rise to nearly 1 trillion yen or $9.39 billion. 700...
-
WeWork Fails To Pay Rent At Several US Locations: Report
Thursday, April 9, 2020 - 7:33am | 405Read More...WeWork has not paid rent at several locations in the United States as the pandemic decimates the company’s earnings. WeWork Contacting More Than 600 Landlords The office and workspace company has not yet paid its April rent at multiple locations as it tries to renegotiate leases,...
-
WeWork Sues SoftBank After $3B Share Offer Deal Sours
Wednesday, April 8, 2020 - 4:56am | 480Read More...WeWork is suing SoftBank Group Corporation, (OTC: SFTBY) after it canceled plans to purchase $3 billion of WeWork’s shares. What Happened A lawsuit filed by the special committee of WeWork’s board of directors, in the name of We Co., the parent organization of WeWork...
-
SoftBank Goes Back On Its Decision To Buy $3B WeWork Shares From Neumann, Others
Thursday, April 2, 2020 - 6:29am | 532Read More...SoftBank Group Corporation (OTC: SFTBY) on Wednesday announced that it wouldn't purchase $3 billion worth of shares from WeWork's other shareholders. WeWork Stakeholders Didn't Meet Terms, SoftBank Says The Japanese investment firm had promised to buy the shares as part of a $9.5...
-
WeWork Investors Say They Will Take 'Necessary Actions' If SoftBank Bails On Bailout
Monday, March 23, 2020 - 4:04am | 503Read More...The special committee of the WeWork board of directors on Sunday said that it is "committed to take all necessary actions" if SoftBank doesn't live up its end of the bargain in the bailout deal signed October last year. What Happened "Not only is SoftBank obligated to consummate...
-
SoftBank Is Backing Away From $3B WeWork Bailout: Report
Wednesday, March 18, 2020 - 9:24am | 289Read More...SoftBank Group Corp. (OTC: SFTBY) is backing away from a $3-billion bailout of WeWork shareholders, The Wall Street Journal reported Wednesday, citing people familiar with the matter. WeWork's Failed IPO In August 2019, WeWork had filed S-1 paperwork and planned to list on...
-
WeWork Crisis Prompted Nikola's Pivot On Going Public
Wednesday, March 4, 2020 - 9:09am | 943Read More...After shunning public ownership because reporting quarterly financials didn't mesh with its business, fuel cell trucking startup Nikola Corp. pivoted Tuesday to merge with VectoIQ, a NASDAQ-listed investment fund that will replace private equity scared off by poorly managed startups. "WeWork...
