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Thursday, 24 October 2019

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

October 25, 2019

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

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