In a statement, SoftBank says “significant regulatory challenges” prevented it from completing a $40 billion deal with Nvidia for ARM. It said that it would instead prepare ARM for a public offering within the fiscal year ending March 2023.
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SoftBank wants in on one of Wall Street’s hottest trends as it looks to beef up its tech portfolio once again. Here’s what’s happening.
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SoftBank’s shares plunged more than 7% Monday, wiping out roughly $8 billion in value, as investors reacted to reports that the Japanese conglomerate has been making massive bets on major tech stocks.
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The co-working giant’s board today announced that it has filed a lawsuit in the Delaware Court of Chancery alleging that SoftBank Group has breached its obligations under the Master Transaction Agreement (“MTA”) by failing to complete its tender offer.
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Earlier this week, it launched its “WeWork for Good” initiative, contributing office space to support members and local communities during COVID-19.
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The plan involves selling or liquidating up to 4.5 trillion Japanese yen ($41 billion) worth of holdings, which the Japanese tech group says will help it repurchase up to 2 trillion Japanese yen ($18 billion) in stock, its second big buyback in a month.
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Masayoshi Son built a reputation as the unicorn hunter. Now the Japanese magnate’s biggest tech bets are leading to multibillion dollar losses, including WeWork. But he remains optimistic.
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With this infusion, SoftBank now has a majority stake with 80% ownership of the company and is already making sweeping changes, replacing co-founder Adam Neumann as chairman and adding five board seats.
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SoftBank shares continued to slide Thursday after the company announced its massive WeWork bailout. And WeWork staff is bracing for layoffs – perhaps several thousand.
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