SoftBank COO and soon to be WeWork Chairman Marcelo Claure told workers in a memo that WeWork had all the ingredients to stage "one of the most amazing comeback stories ever". SoftBank Group had over 1 trillion yen in cash at the end of June. The company has been struggling for years with its business model as it tries to compete against Amazon and other tech giants such as Google and Facebook. SoftBank is believed to face paper losses of several billion dollars on its WeWork investment and, while the sum is not a major issue for the group, the market has responded by pushing the price of five-year credit swaps for SoftBank to 2.4%, a nine-month high, while the company’s junk bond fell to a record low and its shares have dropped by 2.5% over the past week.
SoftBank COO and soon to be WeWork Chairman Marcelo Claure told workers in a memo that WeWork had all the ingredients to stage "one of the most amazing comeback stories ever". The company has been struggling for years with its business model as it tries to compete against Amazon and other tech giants such as Google and Facebook. SoftBank is believed to face paper losses of several billion dollars on its WeWork investment and, while the sum is not a major issue for the group, the market has responded by pushing the price of five-year credit swaps for SoftBank to 2.4%, a nine-month high, while the company’s junk bond fell to a record low and its shares have dropped by 2.5% over the past week.