SoftBank CEO Masayoshi Son feels “foolish” for investing in WeWork, he said during an earnings call Monday. Under Son’s leadership, the Japanese conglomerate reportedly poured $US18.5 billion into WeWork, which has seen its valuation plummet following its failed IPO in September. SoftBank gave WeWork a valuation of $US2.9 billion as […]
Hello! As the curve flattens in many parts of the world and the movement to reopen the economy gains steam, I keep finding myself thinking about this seating plan. As Holly Secon reported this week, 44% of workers on one floor of a South Korean call centre got the coronavirus. […]
SoftBank’s Masayoshi Son has enjoyed a 40-year career in which he built SoftBank into one of the world’s largest tech investors and became a billionaire in the process. But Son is facing one of the biggest challenges of his career, with the $US100 billion Vision Fund racking up billions of […]
SoftBank founder and CEO Masayoshi Son predicts that 15 of the companies that the SoftBank Vision Fund has backed will go bankrupt. In a new interview with Forbes, Son said that the fund has become more careful with cash installments after investing over $US10 billion in WeWork that seems unlikely […]
WeWork, the office-coworking company, received over $US9 billion from SoftBank’s $US100 billion “Vision Fund.” Across the past year, WeWork has gone from the verge of going public to barely hanging on – a notorious misstep in SoftBank’s ambitious investment portfolio. WeWork co-founder and former CEO, Adam Neumann, was ousted from […]
SoftBank reassured Wall Street on Monday with its plan to sell off $US41 billion worth of assets, in its biggest-ever plan to buy back shares. But a new report from the Financial Times’ Arash Massoudi and Anjli Raval suggests that SoftBank had an even more drastic plan in place, as […]
SoftBank could walk away from part of its WeWork bailout, the Wall Street Journal reported Tuesday. In a notice to WeWork shareholders, the Japanese investor said regulatory inquiries into WeWork could be justification to back out of a deal to repurchase $US3 billion of WeWork shares. If SoftBank didn’t execute […]
SoftBank CEO Masayoshi Son broke a three-year Twitter silence on Tuesday to say he’s “worried” about coronavirus. Son then said he would contribute to the public health response by offering 1 million free tests for the virus. The announcement sparked a backlash online from people saying it could overwhelm hospitals. […]
SoftBank-backed hotel chain startup Oyo is set to cut about 5,000 people, or 17% of its workforce, in the wake of the coronavirus outbreak. In an interview with Bloomberg published Wednesday, Oyo’s CEO Ritesh Agarwal said the move would leave the firm with around 25,000 staff worldwide – down from […]
WeWork’s cofounder and ex-CEO Adam Neumann instilled a culture of superiority at the coworking startup, according to the Financial Times. “Adam was the sun and we all revolved around him,” a WeWork employee told the newspaper. “We were kings of the world.” “He wanted everyone to know he was God,” […]
SoftBank CEO Masayoshi Son wants the Japanese conglomerate to be seen as an investment company, not an operating one. Son used the rabbit-duck illusion to make his case during SoftBank’s earnings presentation on Wednesday. He urged investors to look at SoftBank’s “shareholder value,” not its revenues and profits. Asked if […]
SoftBank made about $US12 billion after Sprint’s stock price rocketed more than 70% on Tuesday. The Japanese conglomerate is Sprint’s parent, owning nearly 85% of the wireless carrier’s shares. The stock surge boosted the value of SoftBank’s holding from about $US17 billion to $US29 billion. Sprint’s shares shot up after […]
Elliott Management Corp, run by Paul Singer, has built a more than $US2.5 billion stake in SoftBankGroup, The Wall Street Journal reported Thursday. The activist investor will push the Japanese technology giant to make changes to its corporate governance that could boost its share price, according to the report. SoftBank […]
Happy New Year, and welcome back to Trending, the newsletter where we highlight BI Prime’s biggest tech stories of the week. I’m Alexei Oreskovic, Business Insider’s West Coast bureau chief and global tech editor. I just returned from the snowy climes of Wyoming, land of jagged peaks, bison chilli and […]
Uniqlo founder Tadashi Yanai is stepping down from SoftBank’s board after 18 years. Yanai is Japan’s richest person, and reportedly acted as a bulwark against CEO Masayoshi Son, who has a penchant for risky investments. SoftBank has endured a year where Son’s investments in startups like WeWork have resulted in […]
Adam Neumann’s $US1.7 billion golden parachute could balloon to over $US2 billion if WeWork goes public. The WeWork cofounder holds about 24 million “profit interests” in the coworking startup that could be worth upwards of $US350 million following a successful float, the Financial Times reported, citing documents and sources. The […]
Hello, Welcome back to Trending, the newsletter where we highlight BI Prime’s biggest tech stories of the week. I’m Alexei Oreskovic, Business Insider’s West Coast bureau chief and global tech editor. If this is your first time reading Trending, here’s how you can get it in your inbox every week. […]
Adam Neumann’s $US1.7 billion golden parachute could be slashed as SoftBank bosses seek to trim the $US9.5 billion rescue deal they struck with WeWork last month, according to Bloomberg. Some SoftBank executives have said Neumann’s exit package – which reportedly consists of $US970 million from stock sales to SoftBank, a […]
WeWork might be costing the Japanese conglomerate nearly $US2.8 billion worth of loans. Nikkei Asian Review, citing people familiar, said that two of Japan’s biggest banks are considering turning down loan requests to SoftBank if the money is being used to prop up WeWork. SoftBank often went to these banks […]
SoftBank is reportedly close to securing the keys to a private members’ club in London that WeWork also wanted to rent. That suggests the pair’s recent troubles haven’t tempered their desire for prime real estate. The Japanese conglomerate is in advanced talks with KPMG for its Number Twenty club in […]
In a meeting with WeWork executives, last Thursday, SoftBank’s Masayoshi Son said that he wants the company to become profitable by 2021, according to Fast Company. Son reportedly told the executives to find new ways to monetise the hundreds of coworking spaces currently owned by WeWork. WeWork’s private valuation has […]
Former WeWork CEOAdam Neumann retains the right to name directors to its board, even after being ousted from the troubled coworking company,Fast Company reported Monday. As part of his exit agreement with WeWork, Neumann can name a director and a board observer while the company remains private and two more […]
Fast Company published a deep dive into the relationship between WeWork cofounder and former CEO Adam Neumann and SoftBank CEO Masayoshi Son, the coworking startup’s biggest backer. Son compared Neumann to Alibaba’s founder Jack Ma and likened WeWork to Amazon to justify its astronomical valuation, Fast Company reported. The magazine […]
Adam Neumann reportedly compared WeWork to Amazon to make its astronomical valuation look cheap by comparison. WeWork’s cofounder and then-CEO likened WeWork to Amazon when it only sold books and music, and pledged to expand from desk rentals into education, exercise, networking, and other sectors just as the e-commerce titan […]
SoftBank CEO Masayoshi Son reportedly told WeWork’s cofounder and former boss Adam Neumann that he reminded him of Alibaba’s founder, the driving force behind Son’s most successful investment ever. “The last person I felt this with was Jack Ma,” Neumann recalled Son saying to him before WeWork’s IPO collapsed, Neumann […]
WeWork is still waiting for a big chunk of the $US9.5 billion bailout it agreed with SoftBank, according to The Real Deal. SoftBank has postponed a $US3 billion tender offer scheduled to begin by Wednesday, the real-estate news outlet reported, citing unnamed sources. The holdup is causing “lots of anxiety,” […]
WeWork revealed mushrooming losses and dwindling cash reserves in its third-quarter earnings on Thursday. The coworking startup’s net loss ballooned by more than 150% to $US1.25 billion, and its available cash shrunk by around 40% in three months to about $US1.3 billion. The worrying figures support SoftBank’s decision to slash […]
A former employee is taking WeWork to court over cofounder Adam Neumann’s reported $US1.7 billion golden parachute. Natalie Sojka’s lawsuit accuses Neumann and other WeWork directors of benefiting themselves at the expense of minority shareholders as their actions have “eviscerated” the value of WeWork stock and stock options. “It is […]
Masayoshi Son, CEO of Japanese mega-investor SoftBank, told colleagues that “we created a monster” in WeWork, the Financial Times reported. SoftBank will on Wednesday impose stricter governance standards on dual-class share structures after the WeWork fiasco, the FT said. SoftBank is expected to take a multibillion dollar writedown on WeWork, […]
SoftBankCEO Masayoshi Son spoke on a panel this week at a global investment conference in Saudi Arabia dubbed “Davos in the desert.” On a recording of the conference posted on YouTube, Son can be seen visibly nodding off for around 25 seconds as the panelist next to him talks, then […]
Almost no one attended a panel that included Masayoshi Son, CEO of SoftBank Corp, at Saudi Arabia’s Future Investment Initiative conference Wednesday, Bloomberg reported. Son’s chilly reception at the conference likely reflects declining interest in the second iteration of SoftBank’s Vision Fund. The first Vision Fund has run into trouble […]
Saudi Arabia is discussing the possibility of investing more money into SoftBank’s second Vision Fund, Fox Business reports. The Saudi Arabian Public Investment Fund (PIF) invested $US45 billion in SoftBank’s first Vision Fund in 2016. Now, SoftBank is raising funds for its second Vision Fund, but its reputation has been […]
WeWork is reportedly favouring JPMorgan to help refinance the struggling real estate company over SoftBank taking a controlling stake, according to Bloomberg. Citing anonymous sources, Bloomberg said JPMorgan’s $US5 billion refinancing package is the preferred option, which may include $US2 billion of unsecured payment-in-kind with a 15% coupon. Earlier this […]
WeWork is reportedly seeking a $US4 billion lifeline from SoftBank and JPMorgan. The shared workspace group is in talks with its largest investor for a $US1 billion injection, which it hopes to parlay into a $US3 billion debt deal with the bank, according to Reuters. WeWork is hoping to secure […]
SoftBank founder Masayoshi Son told Nikkei Business that he is embarrassed of his investment record. Two of SoftBank’s investments, Uber and WeWork, have seen their valuations drop recently, and WeWork cancelled its planned IPO. Son says he now has been telling founders to “know your limit,” to prevent issues like […]
SoftBank has been one of the biggest players in tech startups in 2019 and has a major hand in Uber, WeWork, and Slack, but its role could be even larger than previously thought. Analysis by Crunchbase News has shown that 10.5%, or one in every 10 dollars spent by venture […]
Just six weeks ago, co-working giant WeWork was the nation’s most valuable tech start-up. Then it filed its S-1 registration for an initial public offering, disclosing a bevy of conflicts of interest and mismanagement by its magnetic and eccentric co-founder, Adam Neumann. Investors, reporters, and analysts, chastened after seeing Theranos […]
WeWork is in talks with SoftBank about a $US1 billion lifeline after shelving its IPO this month, according to the Financial Times. SoftBank, which has plowed more than $US9 billion into the shared workspace group, is considering investing the extra funds on top of $US1.5 billion it has already committed. […]
WeWork’s board is considering replacing founder Adam Neumann as CEO amid the company’s disastrous attempt to go public. There’s just one problem: WeWork’s board of directors doesn’t have the authority to do that. Neumann controls the voting power of the company, meaning he controls the company. The board will have […]
WeWorkCEO Adam Neumann on Tuesday announced he’s stepping down as the company’s CEO. The decision came a week after the company decided to postpone its initial public offering and followed criticism about a series of eyebrow-raising transactions by Neumann involving the company and reports of his irresponsible or questionable behaviour. […]
Softbank, WeWork’s biggest investor, did not want WeWork using touchy-feely language in its IPO paperwork, including phrases like “elevate the world’s consciousness,” CNBC’s Alex Sherman reported on Monday. The infusion of spirituality into WeWork – in the company’s culture and in its IPO filing – has been routinely mocked, and […]
WeWork’s biggest backer, several other investors, and some board members are reportedly plotting to remove cofounder Adam Neumann as CEO. A meeting on this issue, originally planned for later this week, is now planned for Monday, according to The Information. The uprising comes after the shared-workspace provider postponed its IPO […]
Two of the biggest investors in SoftBank’s original Vision Fund are debating whether to significantly cut back on their commitments to a planned second one, Bloomberg reported. Saudi Arabia’s Public Investment Fund put $US45 billion into SoftBank’s original Vision Fund, but only plans to commit its profits from that investment […]
Hello, Welcome to Trending, the weekly newsletter highlighting the best of BI Prime’s tech coverage. This is Alexei Oreskovic, Business Insider’s West Coast Bureau Chief and Global Tech Editor. If you’re not already subscribed to the newsletter, you can sign up here. This week: SoftBank’s Silicon Valley empire is feeling […]
On an earnings call Wednesday, SoftBank Chairman and CEO Masayoshi Son was asked about the killing of the Washington Post journalist Jamal Khashoggi in relation to the Saudi sovereign-wealth fund’s interest in backing Vision Fund 2, Axios reported on Wednesday. The Saudi sovereign-wealth fund was a large contributor to SoftBank’s […]
SoftBank smashed earnings forecasts as its net profits more than tripled in the first quarter. The Japanese tech titan’s gains were linked to sales of Alibaba shares. SoftBank is preparing to launch its $US100 billion investment fund, and seeking to raise cash from investors including Microsoft, Apple, and Japanese financial […]
One day after reports circulated about Microsoft’s involvement in SoftBank’s newest venture fund, the Japanese telecom giant confirmed it raised $US108 billion for Vision Fund II. SoftBank’s second venture fund is backed by returning investors from its first fund, including Apple, Foxconn, in addition to new banking partners. Previous reports […]
WeWork, the coworking-space company, is valued at $US47 billion, but it’s haemorrhaging money. WeWork is losing $US219,000 hourly. In 2018, the company’s losses and revenues both doubled, to $US1.9 billion and $US1.8 billion, respectively. As WeWork moves toward an initial public offering, it will need to convince investors that it’s […]
SoftBank’s market value dropped by about $US10 billion this week after The Wall Street Journal reported that the company has been making massive, risky tech investments. The Japanese conglomerate has invested millions in some of Silicon Valley’s biggest tech companies, including Uber, WeWork, Slack, and DoorDash. SoftBank’s founder and CEO, […]
SoftBank, a Japanese venture capital firm, pumps billions of dollars in capital into tech startups, including through its $US100 billion Vision Fund. The firm is trying to launch a second $US100 billion fund, but the Wall Street Journal reports SoftBank is having trouble finding interested parties to invest their money. […]
Mark Zuckerberg, Evan Spiegel, and the two Google cofounders were all already millionaires before they turned 30. Although those tech founders saw massive success from their first companies, other major tech players didn’t find wealth and fame until their second or third attempts at launching ventures. These are the ages […]
SoftBank founder Masayoshi Son could have saved $US130 million if he paid attention to Warren Buffett. The famed tech investor lost that amount on a bitcoin bet gone wrong, according to a report from the Wall Street Journal. Watch bitcoin trade live. “Be fearful when others are greedy and greedy […]
Two major credit ratings agencies have opted not to upgrade SoftBank’s debt and may well instead downgrade the already below investment grade company. It’s another blow to the company’s high leverage ratio and a very high level of net debt which stands at $US96 billion as of the end of […]
WeWork, the coworking-space startup that just changed its name to The We Company, was recently informed it wouldn’t receive the full $US16 billion investment it was expecting from SoftBank. Plans for the major investment reportedly upset some of SoftBank’s government-supported financial backers in Saudi Arabia and Abu Dhabi, who questioned […]
Japanese conglomerate SoftBank is launching an initial public offering (IPO) of its mobile division in December. The IPO is set at 2.4 trillion yen, roughly $US21 billion, making it one of the biggest floats ever. SoftBank is known for its investments in tech, many of which are done through its […]
Japanese conglomerate and tech investor SoftBank is under scrutiny over its ties to Saudi Arabia, a major backer of its $US100 billion Vision Fund. That is thanks to global outcry over the status of missing Saudi journalist Jamal Khashoggi, who is feared dead after he was last seen entering the […]
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, is making another $US45 billion investment in SoftBank’s second Vision Fund, Bloomberg reported. Crown Prince Mohammed bin Salman Al Saud told Bloomberg that the PIF wanted to be a key player in SoftBank’s next fundraise because it had seen “a huge […]
SoftBank has massively disrupted startup investment with its $US92 billion Vision Fund. Its CEO Masayoshi Son says the company plans to do it again by raising a new $US100 billion fund every few years. He wants to invest $US50 billion a year. That’s an insane amount of money and will […]
SoftBank CEO Masayoshi Son has an unusual way of deciding how to invest in startups. Before he gives the final sign-off on deals, Son is fond of quoting “Star Wars” Jedi master Yoda and likes to “feel the force,” according to a Financial Times profile. This is unusual because Son […]
T-Mobile and Sprint on Sunday announced plans to merge, valuing a combined company at $US146 billion. The agreement comes after years of on-again, off-again negotiations. Sprint’s parent company, SoftBank, was the major holdup during talks late last year, and the capitulation of CEO Masayoshi Son was seen as instrumental in […]
SoftBank CEO Masayoshi Son said it's "wholly...
SoftBank's $100-billion Vision Fund has already...
Japanese conglomerate SoftBank plans to...
SoftBank has become the major power player in...
SoftBank's Vision Fund is officially the...
Billionaire Masayoshi Son's company, Softbank...
Apple will invest $1 billion into the SoftBank...
President-elect Donald Trump on Tuesday emerged...
On the one hand, it makes perfect sense why...
Earlier this week, SoftBank CEO Masayoshi Son...
« Previous Page