Shares decline at noon as Wall Street struggled to extend its rebound; Reserve Bank interest rate decision at 2:30pm AEDT; GQG Partners FUM drops; oil rises. Follow updates here.
WeWork, the SoftBank Group backed startup whose meteoric rise and fall reshaped the office sector globally, sought US bankruptcy protection on Monday, after its bets on companies using more of its office sharing space soured. The move represents an admission by SoftBank, the Japanese technology group that owns about 60 per cent of WeWork and has invested billions of dollars in its turnaround, that the company cannot survive unless it renegotiates its pricey leases in bankruptcy.
Neumann’s pursuit of breakneck growth at the expense of profits, and revelations about his eccentric behaviour, led to his ouster and the derailment of an initial public offering in 2019. SoftBank was forced to double down on its investment in WeWork, and tapped real estate veteran Sandeep Mathrani as the startup’s CEO. In 2021, SoftBank cut a deal to take WeWork public through a merger with a blank-check acquisition company at an $US8 billion valuation.
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