SoftBank Group shares fall 2% as it doubles down on WeWork bet

TOKYO (Reuters) - Shares of SoftBank Group Corp fell 2% in early morning trading on Wednesday as the tech conglomerate moves to take over beleaguered office-space sharing startup, WeWork, with a funding injection of $10 billion (£7.76 billion). The deal, sources told Reuters on Tuesday, takes SoftBank's total investment in WeWork, which is scrambling for cash following a flopped IPO attempt, to more than $19 billion, with the money-losing startup now valued at just $8 billion. Japanese markets reopened on Wednesday following a national holiday.

Reuters October 23, 2019 07:05:49 IST
SoftBank Group shares fall 2% as it doubles down on WeWork bet

SoftBank Group shares fall 2 as it doubles down on WeWork bet

TOKYO (Reuters) - Shares of SoftBank Group Corp <9984.T> fell 2% in early morning trading on Wednesday as the tech conglomerate moves to take over beleaguered office-space sharing startup, WeWork, with a funding injection of $10 billion (£7.76 billion).

The deal, sources told Reuters on Tuesday, takes SoftBank's total investment in WeWork, which is scrambling for cash following a flopped IPO attempt, to more than $19 billion, with the money-losing startup now valued at just $8 billion.

Japanese markets reopened on Wednesday following a national holiday. The benchmark index <.N225> was flat.

(Reporting by Sam Nussey; Editing by Clarence Fernandez)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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