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Illustration: Sarah Grillo/Axios

Japanese investment firm SoftBank is set to take control of WeWork in a deal that slashes the co-working company's valuation from $48 billion to around $8 billion, according to CNBC. WeWork is declining comment, and there is subsequent reporting that the company is still deciding between SoftBank's offer and a debt package led by J.P. Morgan.

Why it matters: SoftBank helped break WeWork. Now it may own it.

  • CNBC reports that SoftBank will invest between $4 billion and $5 billion as part of the deal.
  • It is unclear if that money is included in the reported valuation, or if the valuation is pre-money.
  • SoftBank originally invested in WeWork three years ago at around a $21 billion valuation, before later investing at a $47 billion valuation. That first deal came via SoftBank's $100 billion Vision Fund, while the latter came from its balance sheet.

Go deeper: SoftBank's complicated Vision Fund

Go deeper

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IPOs keep rolling despite stock market volatility

Illustration: Aïda Amer/Axios

Stock market volatility is supposed to be kryptonite for IPOs, causing issuers to hide out in their private market caves.

Yes, but: This is 2020, when nothing matters.

Ben Geman, author of Generate
49 mins ago - Energy & Environment

Higher education expands its climate push

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New or expanded climate initiatives are popping up at several universities, a sign of the topic's rising prominence and recognition of the threats and opportunities it creates.

Why it matters: Climate and clean energy initiatives at colleges and universities are nothing new, but it shows expanded an campus focus as the effects of climate change are becoming increasingly apparent, and the world is nowhere near the steep emissions cuts that scientists say are needed to hold future warming in check.

Ina Fried, author of Login
1 hour ago - Economy & Business

The pandemic isn't slowing tech

Illustration: Eniola Odetunde/Axios

Thursday's deluge of Big Tech earnings reports showed one thing pretty clearly: COVID-19 may be bad in all sorts of ways, but it's not slowing down the largest tech companies. If anything, it's helping some companies, like Amazon and Apple.

Yes, but: With the pandemic once again worsening in the U.S. and Europe, it's not clear how long the tech industry's winning streak can last.