SoftBank reported an eye-watering $6.5 billion loss in the wake of WeWork's catastrophic failed IPO
- SoftBank Group recorded an eye-watering quarterly loss of $6.5 billion early Wednesday, spurred by some of it biggest tech invstments like Uber and WeWork.
- The Japanese investment giant last month spent over $10 billion bailing out WeWork after its failed IPO attempt.
- Read all of Business Insider's WeWork coverage here.
SoftBank Group recorded a masssive quarterly loss of $6.5 billion, spurred by some of it biggest tech bets like Uber and WeWork.
The Japanese investment firm reported its first quarterly operating loss in 14 years, stating it plunged by 704 billion yen ($6.46 billion) in the July-September period.
It was operating on a profit of 706 billion yen ($6.47 billion) the year prior.
The company's huge loss comes after its firebrand founder Masayoshi Son took huge financial risks by investing in startups like Uber and WeWork, which last month received more than $10 billion in bailout money after its failed IPO attempt.
This is a developing story.
- Life and times of Rakesh Jhunjhunwala — the man behind the trader
- DOJ officials were alarmed by surveillance footage of the Mar-a-Lago room where classified info was being stored, report says
- Meet Judge Bruce Reinhart the magistrate who approved the FBI search warrant into Trump's Mar-a-Lago home receiving threats from MAGA supporters
- Why the melting of the Arctic ice matters to India?
- The economics behind Reliance Jio’s operations
- Akshay Kumar-led 'Cuttputlli' sets September 2 premiere on Disney+ Hotstar
- Best anti-dandruff shampoos to buy in India
- India’s first electric double-decker bus launched in Mumbai; to Foster Sustainability in Transport Sector