Asia Tonight: Business news in brief July 13
Business Briefs on Asia Tonight, July 13: – Google to invest $10 billion in India over next five to seven years – Jack Ma has cut his stake in Alibaba…
WeWork directors seek to preserve right to sue owner SoftBank
(Reuters) – A special committee of WeWork board members filed a motion in Delaware on Monday to prevent it from being disbanded, as it pursues legal action against majority owner…
WeWork inks office space deal with SoftBank-backed Gympass: sources
NEW YORK (Reuters) – WeWork has signed a deal to provide space to 250 employees of gym membership app company Compass in New York, the latest example of the U.S.…
SoftBank to go ahead with WeWork stock tender offer this week
NEW YORK/BANGALORE (Reuters) – SoftBank Group Corp (9984.T) will this week launch a previously agreed tender offer for as much as $3 billion of WeWork shares, including up to $970…
SoftBank clinches WeWork takeover deal, bailing out co-founder
(Reuters) – SoftBank Group Corp agreed to spend more than $10 billion to take over U.S. office-space sharing startup WeWork on Tuesday, doubling down on an ill-fated investment and paying…
WeWork chief Neumann’s top lieutenants step up as successors
(Reuters) – As WeWork parent We Company’s CEO Adam Neumann asked Artie Minson and Sebastian Gunningham to separately take care of the U.S. office-sharing space start-up’s finances and business, they…
WeWork’s Neumann surrenders control, CEO role following investor revolt
(Reuters) – WeWork co-founder Adam Neumann agreed on Tuesday to resign as chief executive and give up majority voting control, after SoftBank Group Corp (9984.T) and other shareholders turned on…
Tech investors: No broad lessons seen in WeWork valuation drama
NEW YORK (Reuters) – Two top technology investors cautioned against drawing broadconclusions about the valuation of private companies from questions swirling around U.S. office-sharing startup WeWork. FILE PHOTO: The WeWork…
Exclusive: WeWork to press on with IPO launch despite valuation concerns – sources
(Reuters) – WeWork owner The We Company plans to proceed with an investor roadshow for its initial public offering (IPO) as early as next week, braving concerns over the valuation…
WeWork preps for IPO with growing revenues and widening losses
(Reuters) – WeWork owner The We Company on Wednesday published detailed financial statements for the first time, showing it lost more than $900 million in the first half of 2019…