SoftBank to write down minimum $5 billion for WeWork, other losses - Bloomberg

TOKYO (Reuters) - SoftBank Group Corp is poised to write down at least $5 billion (£3.89 billion) to account for a sharp drop in the value of some of its biggest holdings including WeWork and Uber Technologies Inc , Bloomberg reported. Citing people with knowledge of the matter, Bloomberg said SoftBank, which runs the $100 billion Vision Fund, would announce the writedown along with its second-quarter earnings on Nov.

Reuters October 25, 2019 06:07:23 IST
SoftBank to write down minimum $5 billion for WeWork, other losses - Bloomberg

SoftBank to write down minimum 5 billion for WeWork other losses  Bloomberg

TOKYO (Reuters) - SoftBank Group Corp <9984.T> is poised to write down at least $5 billion (£3.89 billion) to account for a sharp drop in the value of some of its biggest holdings including WeWork and Uber Technologies Inc , Bloomberg reported.

Citing people with knowledge of the matter, Bloomberg said SoftBank, which runs the $100 billion Vision Fund, would announce the writedown along with its second-quarter earnings on Nov. 6.

SoftBank this week agreed to spend more than $10 billion to take over WeWork, doubling down on an ill-fated investment in the U.S. office-space sharing startup.

(Reporting by Chang-Ran Kim; Editing by Christian Schmollinger)

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

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