SoftBank Abandons Plan To Fund WeWork With $3 Billion

Investor company SoftBank has withdrew its interest in extending the $3 billion worth of deal with startup company WeWork as the company continues to struggle in the midst of the global pandemic that the Coronavirus has been causing.

SoftBank is backing out of its plan to buy $3 billion of WeWork shares, including nearly $1 billion from former CEO Adam Neumann https://t.co/LfSOYtWVQp
— Business Insider (@businessinsider) April 1, 2020

Japanese tech giant SoftBank terminates an offer to pay up to $3 billion for shares in office-space provider WeWork, depriving co-founder Adam Neumann of a potential windfall of nearly a billion dollars https://t.co/6SCt7acH0t
— The Wall Street Journal (@WSJ) April 2, 2020

SoftBank has previously voiced out that they might exit the deal with WeWork because of its struggles that they are facing and couldn’t quite handle it.

SoftBank terminates $3 billion tender offer for additional WeWork shares agreed last year with shareholders, including ousted co-founder Adam Neumann, drawing threats of legal action from other board members https://t.co/O4TeZJIjk7 pic.twitter.com/pYXHnrSdme
— Reuters Business (@ReutersBiz) April 2, 2020

Although WeWork co-founder and former CEO, Adam Neumann has expressed his willingness to unload the $1 billion worth of stocks to SoftBank, the investors isn’t amused at all with the preconditions that were not met.