Tech

SoftBank’s CEO now says its $9 billion bet on WeWork and Adam Neumann was a mistake — but he still thinks WeWork will end up making money

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’s CEO now says its $9 billion bet on WeWork and Adam Neumann was a mistake — but he still thinks WeWork will end up making money
Markets

SoftBank just made $12 billion after Sprint’s stock rocketed 70%

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 […]
SoftBank just made $12 billion after Sprint’s stock rocketed 70%
Tech

Welcome to the ’20s, fasten your seat belts

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 […]
Welcome to the ’20s, fasten your seat belts
Markets

‘The last person I felt this with was Jack Ma’ — SoftBank’s Masayoshi Son reportedly compared WeWork’s Adam Neumann to Alibaba’s founder

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 […]
‘The last person I felt this with was Jack Ma’ — SoftBank’s Masayoshi Son reportedly compared WeWork’s Adam Neumann to Alibaba’s founder
Markets

‘We created a monster,’ SoftBank CEO Masayoshi Son reportedly said of WeWork

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, […]
‘We created a monster,’ SoftBank CEO Masayoshi Son reportedly said of WeWork
Tech

Watch as SoftBank CEO Masayoshi Son appears to doze off onstage

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 […]
Watch as SoftBank CEO Masayoshi Son appears to doze off onstage
Markets

SoftBank CEO Masayoshi Son draws sparse audience at Saudi Arabia’s ‘Davos in the desert’ after WeWork controversy

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 […]
SoftBank CEO Masayoshi Son draws sparse audience at Saudi Arabia’s ‘Davos in the desert’ after WeWork controversy
Tech

SoftBank’s founder is ’embarrassed and impatient’ with his investments after troubles with WeWork and Uber, and now he’s telling founders to ‘know your limit’

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’s founder is ’embarrassed and impatient’ with his investments after troubles with WeWork and Uber, and now he’s telling founders to ‘know your limit’
Markets

WeWork is reportedly in talks with SoftBank about a $1 billion lifeline

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 is reportedly in talks with SoftBank about a $1 billion lifeline
Tech

WeWork’s biggest investor reportedly urged CEO Adam Neumann to scrap phrases like ‘elevate the world’s consciousness’ in the company’s IPO filing

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 investor reportedly urged CEO Adam Neumann to scrap phrases like ‘elevate the world’s consciousness’ in the company’s IPO filing
Markets

WeWork’s board reportedly meets today to discuss pushing out Adam Neumann — and his alleged ‘self-dealing’ and marijuana use may come into play

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 […]
WeWork’s board reportedly meets today to discuss pushing out Adam Neumann — and his alleged ‘self-dealing’ and marijuana use may come into play
Tech

The biggest backers of SoftBank’s $100 billion Vision Fund are reportedly reconsidering their investments in the second one after Uber and WeWork disappointed

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 […]
The biggest backers of SoftBank’s $100 billion Vision Fund are reportedly reconsidering their investments in the second one after Uber and WeWork disappointed
Tech

The jolts shaking SoftBank’s Silicon Valley empire

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 […]
The jolts shaking SoftBank’s Silicon Valley empire
Tech

SoftBank’s Masayoshi Son says he wants to keep working with the Saudi government, despite the Khashoggi killing, in order to continue to bring the benefits AI ‘to the people’

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’s Masayoshi Son says he wants to keep working with the Saudi government, despite the Khashoggi killing, in order to continue to bring the benefits AI ‘to the people’
Markets

SoftBank smashed profit forecasts ahead of its $100 billion fund launch

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 […]
SoftBank smashed profit forecasts ahead of its $100 billion fund launch
Lifestyle

Meet Masayoshi Son, the Japanese investor with a $21 billion fortune whose SoftBank mega-fund just lost $10 billion from its market value after reports of risky tech investments

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, […]
Meet Masayoshi Son, the Japanese investor with a $21 billion fortune whose SoftBank mega-fund just lost $10 billion from its market value after reports of risky tech investments
Tech

Saudi Arabia is investing another $45 billion with SoftBank

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 […]
Saudi Arabia is investing another $45 billion with SoftBank
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