WeWork

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 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 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 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 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...

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 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...

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...

SoftBank Group Corporation (OTC: SFTBY) Chairman and CEO Masayoshi Son on Monday told investors that he would be more "careful" with his investment decisions going forward, Reuters reported. What Happened "I promise you I'll start to be more careful and listen. My view doesn...

Financial software maker Intuit Inc.'s (NASDAQ: INTU) deal to acquire personal finance company Credit Karma is almost final, and could be announced as soon as Monday, the Wall Street Journal reported. What Happened The deal, if finalized, would be the biggest for Intuit in its 37-year long...

T. Rowe Price Group Inc. (NASDAQ: TROW) regrets investing in WeWork in 2014, it said in a filing with the SEC on Thursday. What Happened Asset Manager T.Rowe Price wrote a letter to its shareholders as part of its annual report and admitted that their “small private...

Brandless, an online store backed by SoftBank Group Corporation (OTC: SFTBY) that sold household goods for $3 each is shutting down. What Happened Brandless, based out of San Francisco, will wind down operations. The company is the first SoftBank Vision Fund-backed startup that has shut...

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...

Months after its failed IPO attempt and emergency financing by SoftBank Group Corp - ADR (OTC: SFTBY), WeWork's business is substantially softening.  The company signed just four new domestic leases in the fourth quarter, and its total leased space fell from an average 2.54 million...