Soft Bank grabs a deal to take over WeWork, to spend over $10 billion12:10:00 AM, Wednesday 23rd of October 2019 | in business
SoftBank Group Corp spends over $10 billion to take over WeWork, doubling down on an ill-fated investment and pays off its co-founder Adam Neumann to let go control. SoftBank will have to reverse its widening loss and find a way to make it profitable. Soft Bank will give $5 billion in new money to WeWork in the form of debt. The rescue financing also marks a dramatic fall from grace for Adam Neumann.