SoftBank Group shares fall 2% as it doubles down on WeWork bet

FILE PHOTO: SoftBank Corp placard is prepared during a ceremony to mark the company’s debut on the Tokyo Stock Exchange in Tokyo, Japan December 19, 2018. REUTERS/Issei KatoTOKYO (Reuters) – Shares of SoftBank Group Corp (9984.T) fell 2% in early morning trading on Wednesday as the tech conglomerate moves to take over beleaguered office-space sharing startup, WeWork, with a funding injection of $10 billion. The deal, sources told Reuters on Tuesday, takes SoftBank’s total investment in WeWork, which is scrambling for cash following a flopped IPO attempt, to more than $19 billion, with the money-losing startup now valued at just $8 billion. Japanese markets reopened on Wednesday following a national holiday. The benchmark index .N225 was flat. Reporting by Sam Nussey; Editing by Clarence FernandezOur Standards:The Thomson Reuters Trust Principles.

Source: Reuters

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