SoftBank is reportedly selling its almost 50 percent stake in Wag back to the company

ReutersDec 10, 2019 08:31:05 IST

SoftBank Group Corp's Vision Fund has agreed to sell its nearly 50 percent stake in Wag Labs Inc back to the dog-walking startup, the Wall Street Journal reported on Monday citing people familiar with the matter.

"We are amicably parting ways with SoftBank and SoftBank will no longer have board representation," Chief Executive Garrett Smallwood said in a memo to employees, the report said.

Wag, which earlier this year laid off several dozen employees, is letting go a significant amount of the remainder of its workforce, the report said.

"Today, we said goodbye to a number of our friends and colleagues as we align our organisation with the needs of our business," Smallwood said in the memo, according to the report.

SoftBank and Wag Labs did not immediately respond to Reuters request for comment.

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