Masayoshi Son Lost His Credibility and $11.5 Billion Due to the WeWork Saga
Source Yahoo finance Masayoshi Son Lost His Credibility and $11.5 Billion Due to the WeWork Saga In Bloomberg The bankruptcy filing of WeWork Inc. brings to an end a protracted legal battle that exposed startling weaknesses in Japanese billionaire Masayoshi Son's investing strategy, harming his standing in the business considerably more than the money he lost. Overriding the protests of his lieutenants, Son gave WeWork founder Adam Neumann billions of dollars from the Vision Fund and SoftBank Group Corp., driving the co-working space's valuation to an astounding $47 billion in the first quarter of 2019. A few months later, WeWork's IPO papers exposed significant losses and conflicts of interest, which incensed investors. SoftBank is suffering larger losses from WeWork's subsequent collapse than from the projected $11.5 billion in stock losses and the additional $2.2 billion in debt that is stil