Japanese technology conglomerate SoftBank Group swung back to profitability in the July-September quarter, boosted by its Vision Fund investments.

Japanese technology giant SoftBank Group has reported a smaller loss for the April-June quarter compared to a year earlier.

WeWork has officially emerged from bankruptcy — and appointed new leadership in the process.

Embattled co-working space provider WeWork says it expects to emerge from bankruptcy by the end of May, touting lease-restructuring efforts that it estimates will bring $8 billion in future rental savings.

Adam Neumann, the ousted co-founder of WeWork, is exploring a deal to buy back the office sharing company after expressing dismay over its bankruptcy process.

Japanese technology company SoftBank Group has reported it racked up a huge loss in the July-September quarter, as some of its investments soured.

WeWork has filed for Chapter 11 bankruptcy protection.

Trading in shares of WeWork has been halted as rumors swirl that the office sharing company, once valued as high as $47 billion, will seek bankruptcy protection.

Shares are mostly lower in Asia after a mixed close on Wall Street.

WeWork says it will renegotiate nearly all of its leases, an announcement coming just weeks after the workspace-sharing provder sounded the alarm on its future ability to stay in business.

WeWork said last week there was “substantial doubt” about its ability to stay in business, prompting speculation around the future of the troubled workspace-sharing company.

WeWork said last week there was “substantial doubt” about its ability to stay in business, prompting speculation around the future of the troubled workspace-sharing company.

WeWork is warning there’s “substantial doubt” about its ability to stay in business over the next year because of its financial losses and its need for cash, among other factors.

Marcelo Claure, who joined SoftBank Group after turning around one of its key investments, office-sharing business WeWork, is leaving.

Japanese companies have joined the effort to speed up the country's lagging coronavirus vaccine rollout before the Tokyo Olympics begin next month.

In the two years since the office-sharing company’s failed IPO, a new way to launch a stock on Wall Street has become fashionable: SPACs. Special purpose acquisition companies have been embraced by big institutions and small-pocketed investors alike. The goal is to use those millions of dollars to take a private company public without using the traditional initial public offering process that’s been around for decades. Management has a financial incentive to find an acquisition target — most often management receives a 20% stake in the newly public company. An exchange-traded fund consisting of SPACs and companies taken public through SPAC acquisitions, the Defiance Next Gen SPAC fund, jumped 55% between early November and mid-February.

“You’re going to find they can accommodate most pop-up meetings inside their office, so they don’t have to go to WeWork,” said Patrick Dore, a former Notre Dame real estate law professor who has handled office space deals in Manhattan. AdWeWork leases buildings and divides them into office spaces to sublet to members, which include small businesses, start-ups and freelancers who want to avoid paying for permanent office space. AdOakley said that while leasing volumes are still low, inquiries for serviced office space have been rising since the start of the year. He said the WeWork IPO is coming too soon because most large office users are still sorting out what they want to do with workers and office space. MIT's Cusumano said the model could make money if companies give up a lot of office space, then lease from WeWork for mobile offices or meetings.

SoftBank on Wednesday reported an operating loss for the most recent quarter of 970.3 billion yen ($8.9 billion) on its mega tech funds including the Vision Fund, which holds investments in Uber, WeWork, Slack and other major startups. The group reported losses of 704 billion yen ($6.5 billion) for the three months that ended in September, far worse than the 48.1 billion yen ($442 million) analysts polled by data provider Refinitiv had expected. SoftBank had reported operating profits of 706 billion yen ($6.5 billion) for the same period a year earlier. Before the bailout, the Vision Fund and SoftBank had already invested nearly $11 billion into WeWork. SoftBank's rescue package valued WeWork at about $8 billion less than half the total amount of money SoftBank and the Vision Fund have poured into the company.

WeWork via CNN(CNN) - SoftBank shares continued to slide Thursday after the company announced its massive WeWork bailout. SoftBank will pump $5 billion into The We Company and accelerate a $1.5 billion equity investment originally due to the company next year. SoftBank, already WeWork's largest investor, is also offering to buy up to $3 billion worth of stock from existing investors and shareholders. Asian stocks were otherwise mixed Thursday, with shares in South Korea edging lower after the country reported weak economic growth. The South Korean economy grew by 0.4% in the third quarter compared to the previous quarter, according to estimates released by the Bank of Korea on Thursday.

(CNN) - Current and former staffers at WeWork are outraged that former CEO and cofounder Adam Neumann would get a massive payout after he all but ran the company into the ground. In company-wide emails sent Wednesday, obtained by CNN Business, WeWork leadership attempted to level with staffers about the remaining questions facing the business. Neumann is "probably one of history's best grifters," said a former WeWork executive who spoke to CNN Business on the condition of anonymity. Some messages viewed by CNN Business highlight unease over how the deal and Neumann's payout may impact employees. "To be candid, what we are lacking is focus on our core business: WeWork, along with accountability, and seamless execution," he added.

(CNN) - WeWork co-founder Adam Neumann will reportedly get about $1.7 billion under a deal in which SoftBank will take control of the troubled company. Under that new expected valuation, SoftBank would have put more money into WeWork to date than the company is worth. Japanese conglomerate SoftBank is the largest investor of The We Company, WeWork's parent company. Some messages viewed by CNN Business highlight unease over how the deal and the reported payout may impact employees. He is now expected to step down from the board of directors as part of the latest SoftBank deal, according to multiple outlets.

(CNN) - WeWork CEO Adam Neumann is stepping down amid the company's disastrous attempt to go public, the company said in a statement. The Wall Street Journal and New York Times first reported the news Tuesday. Neumann had been criticized for his outsize power at the company he founded and numerous potential conflicts of interest. The move comes after reports that some board members wanted to oust Neumann as CEO just days after the company announced that it would delay its Wall Street debut. In revised paperwork earlier this month, the company made a number of changes in a bid to appease investors.

(CNN) - Some WeWork board members want to remove Adam Neumann as chief executive of the company, the Wall Street Journal and other outlets reported Sunday, citing people involved in the talks. CNBC reported Softbank CEO Masayoshi Son supports Neumann's removal, according to a person familiar with the matter. WeWork declined to comment for this story, citing the quiet period ahead of its public offering. Ronald Fisher, vice chairman at Softbank, and Mark Schwartz, former board director at Softbank, joined the company's board as part of a 2017 $4.4 billion investment in We by Softbank. But Neumann, who is one of seven board members, is We's controlling shareholder, giving him the power to fire the board.

WeWork's parent company, The We Company, publicly filed paperwork on Wednesday to raise $1 billion in an initial public offering. The company is moving forward with its plans to go public despite losing a staggering $1.9 billion last year, according to its IPO prospectus, an unprecedented amount for a company about to go public. By comparison, Uber said it lost $1.8 billion in 2018 and Lyft lost $911 million. In the first half of 2019, the company lost $904 million, a roughly 25% increase from the same period in the prior year. In its filing, WeWork addresses how certain factors, such as declines in market rents, inability to negotiate satisfactory leases, or membership retention, could impact its business.