Japan's SoftBank Group, faced a substantial loss of 931 billion yen (USD 6.2 billion) in the last quarter, primarily attributed to souring technology investments and amid we work's financial crisis and subsequent bankruptcy.
The losses related to WeWork in this quarter amounted to 234 billion yen (USD 1.5 billion). Despite challenges, SoftBank's CFO, Yoshimitsu Goto, reassured investors of the company's overall strength and commitment to cautious investment decisions.
SoftBank holds a nearly 80 per cent stake in WeWork.
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WeWork Bankruptcy
Beleaguered shared office giant WeWork, which has been in dire financial straits for years, on Monday announced that it had filed for bankruptcy in a bid to negotiate down its debt.
The coworking company said its bankruptcy impacts operations in the United States and Canada, but "global operations are expected to continue as usual."
The bankruptcy filing was a stark turn of events for the New York-based company, which was once a startup darling promising to reshape the office sector globally.