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WeWork valuation marked down to $7.8B

2019年11月06日,22时26分06秒 美股速递 阅读 13 views 次

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WeWork valuation marked down to $7.8B

|About: SoftBank Group Corp. (SFTBY)|By:, SA News Editor

SoftBank's (OTCPK:SFTBY) first quarterly loss in 14 years is putting a spotlight on founder Masayoshi Son's high-risk approach of investing in cash-burning startups, as he is attempts to raise a second giant investment fund.

Recording an operating loss of ¥704B ($6.46B) in the third quarter, SoftBank marked down the total value of WeWork's (WE) equity to $7.8B, a major writedown given the office-sharing company was valued at $47B before its attempt to go public backfired.

While SoftBank (OTCPK:SFTBY) hasn't calculated the effect of WeWork's $9.5B rescue package on its earnings, the Japanese group said it suffered a $8.9B hit at its Vision Fund.

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