Vision

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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">SoftBank, the majority stakeholder in WeWork, suffered <a href="https://www.wsj.com/business/telecom/softbank-loses-6-2-billion-in-quarter-as-wework-weighs-on-investments-d37fe8b3" target="_blank" aria-label="$14.3 billion (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">$14.3 billion</a> in cumulative losses. For the latest quarter, the Japanese investment giant reported $1.6 billion in losses related to WeWork. However, its renowned Vision Funds delivered positive performance thanks to <a href="https://tokenist.com/arms-shares-continue-to-fall-in-premarket-bernstein-sets-46-target/" rel="noopener noreferrer nofollow" class="deco-link">Arm’s IPO</a> and returned to profitability for the first time in six quarters.&nbsp;</p>
<h3 id="wework-files-for-bankruptcy">WeWork Files for Bankruptcy</h3>
<p>Earlier this week, WeWork, a coworking space provider that was once valued at almost $50 billion, <a href="https://tokenist.com/wework-down-97-over-a-year-as-firm-reportedly-heading-for-bankruptcy/" rel="noopener noreferrer nofollow" class="deco-link">filed for Chapter 11 bankruptcy protection</a>.</p>
<p>The bankruptcy market is one of the most remarkable corporate collapses in recent US history. One of the factors that led WeWork to its demise was the rapid U-turn in the post-pandemic era, as numerous companies renting WeWork’s offices abruptly ended their leases. Furthermore, the following economic downturn forced even more companies to do the same.</p>
<p>In 2019, WeWork attained a whopping $47 billion valuation in a funding round led by Japanese investment giant SoftBank. This was after WeWork <a aria-label="attempted to go public but failed (opens in a new tab)" href="https://www.businessinsider.com/wework-ipo-fiasco-adam-neumann-explained-events-timeline-2019-9#:~:text=The%20WeWork%20fiasco%20of%202019%2C%20explained%20in%2030%20seconds&amp;text=WeWork%20has%20been%20in%20turmoil,its%20initial%20public%20offering%20indefinitely." target="_blank" rel="noopener noreferrer nofollow" class="deco-link">attempted to go public but failed</a>.&nbsp;</p>
<p>In fact, SoftBank is a majority stakeholder in WeWork, with its cumulative losses in the collapsed firm hitting $14.3 billion. On Thursday, SoftBank reported a net loss of $6.2 billion in the quarter ended September 30, marking the conglomerate’s fourth consecutive quarter of negative profitability.&nbsp;</p>
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<h3 id="softbank-enters-investing-mode">SoftBank Enters ‘Investing Mode’&nbsp;</h3>
<p>During the six months through September, SoftBank said it posted $1.6 billion in losses related to investment and financial aid for WeWork. And although its breakdown was a big blow for Masayoshi Son’s SoftBank, the Tokyo-based investment titan remains focused on future opportunities.&nbsp;</p>
<blockquote class="wp-block-quote">
 <p>“We have entered an investing mode. We have plenty of cash so we are ready for big positions.”</p> <cite>– SoftBank’s CFO Yoshimitsu Goto said</cite>
</blockquote>
<p>The holding company’s net asset value grew to $109 billion at the end of September, up from $103 billion at the end of June. The boost comes in part due to a weaker yen, Goto added.&nbsp;</p>
<p>In addition, SoftBank gained $2.4 billion in the most recent quarter following a sale in its UK chipmaker Arm, which also <a href="https://tokenist.com/arms-shares-fall-after-chipmaker-reports-soft-guidance-slower-growth/" rel="noopener noreferrer nofollow" class="deco-link">reported its financial results</a> on Wednesday. Meanwhile, Goto said SoftBank does not expect further negative impacts from WeWork as the conglomerate has already devalued the investment.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em><strong>When do you think SoftBank will manage to return to profitability? Let us know in the comments below.&nbsp;</strong></em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/wework-investment-cost-softbank-14-3b-in-total-accumulated-losses/">WeWork Investment Cost SoftBank $14.3B in Total Accumulated Losses</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

WeWork Investment Cost SoftBank $14.3B in Total Accumulated Losses

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