Masayoshi Son's latest SoftBank presentation shows wild optimism for WeWork's turnaround
The Japanese magnate and investor hasn't disappointed with his latest set of slides.
In a financial presentation for SoftBank's July-to-September quarter on Wednesday, Son directly acknowledged the financial damage wrought by his firm's multi-billion dollar bet on office-sharing firm WeWork, describing it as the "WeWork problem." SoftBank's financials indicated that its combined loss on the value of its WeWork shares came to $8.2 billion.
WeWork was headed to IPO and worth an estimated $47 billion, but experienced a disastrous few months after reporters scrutinized its governance, business model, and the behaviour of cofounder Adam Neumann. The firm cancelled its IPO, and Neumann stepped down as CEO. SoftBank took control of the firm in October in a $9.5 billion rescue package.Here are the key slides. You canMasayoshi Son opened his presentation by acknowledging the WeWork fiasco.
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