Breakingviews - SoftBank in danger of over-WeWorking itself [Reuters]
SWISS RE LTD S/ADR (SSREY)
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Source: Reuters
Breakingviews - SoftBank in danger of over-WeWorking itself | Reuters 3 Min Read HONG KONG (Reuters Breakingviews) - SoftBank is in danger of over-WeWorking itself. The Japanese group may invest up to $20 billion for a majority stake in the office-sharing outfit, the Wall Street Journal reports. Such a large holding could end up comprising roughly a fifth of SoftBank’s tech-focused Vision Fund. That would be a scary amount of concentration risk, especially for an unproven business model. Masayoshi Son’s empire last year injected $4.4 billion into the growing if money-losing collection of millennial-friendly offices. Between his telecom group and the intended $100 billion mega-fund it oversees, SoftBank already owns about 20 percent of WeWork. With its hip touches, the company led by Adam Neumann has persuaded investors it is upending the workplace. That story has helped it evade comparisons to more pedestrian, and profitable, rival IWG, whose market capitalisation is below $3 billion.
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