SoftBank’s chairman admits he blew it with WeWork after disastrous earnings

An actual slide from SoftBank’s earnings presentation. | Image: SoftBank

SoftBank leader Masayoshi Son admitted that it was a mistake to have invested in WeWork, the beleaguered office space rental company that’s been in chaos ever since an attempt to go public revealed systemic mismanagement and ludicrous behavior by its founder and CEO.

During an earnings conference, Son said that WeWork’s troubles resulted in “quite a large impact” on SoftBank and its Vision Fund. “My judgement in investment was not right in many ways,” Son said, according to SoftBank’s translator, adding that he regretted the decision.

The remarks followed SoftBank posting a $6.5 billion loss during its second quarter, the company’s biggest ever quarterly loss a…

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via The Verge – All Posts

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