SoftBank should walk swiftly away from any investment in WeWork
A $5bn stake in a company about shared office space in the time of social-distancing and Covid-19, is a bad idea writes Tim Culpan
SoftBank Group needs to cut and run on its entire WeWork investment, not just the shares. Covid-19 and the economics of a prolonged crisis necessitate strict pragmatism.
As recently as two weeks ago, it seemed that a move to renegotiate the Japanese conglomerate’s $3bn purchase of equity in The We Company from existing shareholders, including founder Adam Neumann, was savvy and cunning. Today, that looks ill-advised, which is why it decided not to consummate the tender offer, Bloomberg News reported, citing a statement from a committee advising WeWork’s board...