SoftBank’s week went from bad to worse, after public investors and California lawmakers separately turned down the lights on some of the firm’s shiniest startups.
First, SoftBank urged WeWork to shelve its controversial initial public offering after investors recoiled. WeWork instead elected to make some changes to its corporate governance and proceed with a march to the Nasdaq. On the opposite coast, the California Legislature passed a labor bill that could force gig economy companies to incur substantial new employment costs and dramatically reshape their business models.
