Oct 21, 2019

Report: SoftBank to take control of WeWork

Dan Primack, author of Pro Rata

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

Updated 18 mins ago - World

In photos: People around the world rally against racism

Despite a ban on large gatherings implemented in response to the coronavirus pandemic, protesters rally against racism in front of the American Embassy in Paris on June 6. Photo: Julien Mattia/Anadolu Agency via Getty Images

Tens of thousands of people have continued to rally in cities across the world against racism and show their support this week for U.S. demonstrators protesting the death in police custody of George Floyd.

Why it matters: The tense situation in the U.S. has brought the discussion of racism and discrimination onto the global stage at a time when most of the world is consumed by the novel coronavirus.

Updates: George Floyd protests enter 12th day

Protesters in Washington, D.C. on June 6. Photo: Samuel Corum/Getty Images

Thousands of demonstrators are gathering in cities across the U.S. and around the world to protest the killing of George Floyd. Huge crowds have assembled in Washington, D.C., Philadelphia and Chicago for full-day events.

Why it matters: Twelve days of nationwide protest in the U.S. has built pressure for states to make new changes on what kind of force law enforcement can use on civilians and prompted officials to review police conduct.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7:30 p.m. ET: 6,852,810 — Total deaths: 398,211 — Total recoveries — 3,071,142Map.
  2. U.S.: Total confirmed cases as of 7:30 p.m. ET: 1,917,080 — Total deaths: 109,702 — Total recoveries: 500,849 — Total tested: 19,778,873Map.
  3. Public health: Why the pandemic is hitting minorities harder — Coronavirus curve rises in FloridaHow racism threatens the response to the pandemic Some people are drinking and inhaling cleaning products in attempt to fight the virus.
  4. Tech: The pandemic is accelerating next-generation disease diagnostics — Robotics looks to copy software-as-a-service model.
  5. Business: Budgets busted by coronavirus make it harder for cities to address inequality Sports, film production in California to resume June 12 after 3-month hiatus.
  6. Education: Students and teachers flunked remote learning.