{"id":111029,"title":"Japanese investment giant SoftBank suffers £5bn loss after WeWork collapse","publisher":"Share Talk","author":"sharetalk","published":"2023-11-09T10:54:00+00:00","modified":"2023-11-09T10:54:00+00:00","canonical_url":"https://www.share-talk.com/japanese-investment-giant-softbank-suffers-5bn-loss-after-wework-collapse/","markdown_url":"https://www.share-talk.com/japanese-investment-giant-softbank-suffers-5bn-loss-after-wework-collapse.md","json_url":"https://www.share-talk.com/japanese-investment-giant-softbank-suffers-5bn-loss-after-wework-collapse.json","category":"B2B","categories":["B2B","Business & Support Services","Technology","Technology, Media & Telecoms"],"tags":["bankruptcy","Chapter 11","New York Stock Exchange","NYSE","SHARES","silicon valley","Softbank","USA","WE","WeWork"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/WeWork-6th-nov-23.jpg?fit=1200%2C800&quality=89&ssl=1","format":"news","language":"en-GB","content":"Japanese investment behemoth SoftBank has disclosed a staggering loss of $6.2 billion (approximately 5 billion pounds), as it grapples with the fallout from WeWork’s downfall.\n\nDuring the quarter ending in September, the firm’s Vision Funds recorded a pre-tax loss of 258.9 billion yen (about 1.4 billion pounds), in anticipation of the impending bankruptcy of the co-working space titan.\n\nhttps://twitter.com/Share_Talk/status/1721825400198701096\n\nWeWork’s bankruptcy filing on Monday marked a costly misstep for SoftBank’s founder, Masayoshi Son, who had made substantial investments in the once-flourishing startup.\n\nSoftBank Group’s total losses for the quarter amounted to 931 billion yen (roughly 5 billion pounds), a stark contrast to the 3 trillion yen profit from the same period last year, which was buoyed by the sale of Alibaba shares, China’s e-commerce powerhouse.\n\nSoftBank Group refrained from releasing any annual earnings projections."}