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SoftBank Unveils $9.5 Billion WeWork Rescue, Gets 80% Stake

  • The Japanese company appoints ex-Sprint CEO board chairman
  • Rescue caps one of the most dramatic business disasters ever
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WeWork’s Enterprise Value Worth ‘Less Than Zero,’ NYU’s Galloway Says
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WeWork has secured a $9.5 billion rescue package from SoftBank Group Corp., a deal that hands 80% of the company to the Japanese conglomerate while capping one of the more dramatic business debacles in recent memory.

The transaction announced in Tokyo Wednesday marks the end of an era for the troubled co-working giant, which raised money at a $47 billion valuation in January, pulled out of a botched initial public offering attempt last month and is now valued at less than $8 billion in the bailout.