WeWork - Anleihe (Seite 3)
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Antwort auf Beitrag Nr.: 61.852.248 von faultcode am 06.11.19 14:34:20
...
Tag:
• stupid money in the 21st century
SoftBank: Earnings Results for the 6-month Period ended September 30, 2019
https://t.co/DScS8cXguS 
...
Tag:
• stupid money in the 21st century
Antwort auf Beitrag Nr.: 61.852.149 von faultcode am 06.11.19 14:25:53https://asia.nikkei.com/Business/Technology/SoftBank-s-Son-s…
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der "Vision fund" muss laut FT jährlich bis zu USD2.8b an Zinsen aufbringen:
23.10.2019
--> von heute:
SoftBank Books $4.7 billion loss due to WeWork investment
https://www.marketwatch.com/story/softbank-books-47-billion-…
23.10.2019
--> von heute:
SoftBank Books $4.7 billion loss due to WeWork investment
https://www.marketwatch.com/story/softbank-books-47-billion-…
25.10.
SoftBank Vision Fund Planning Writedown of Over $5 Billion
https://finance.yahoo.com/news/softbank-vision-fund-planning…
...SoftBank is planning to take a writedown to its Vision Fund of at least $5 billion to reflect a plunge in the value of some of its biggest holdings, including WeWork and Uber Technologies Inc., according to people with knowledge of the matter.
The Tokyo-based parent of the $100 billion Vision Fund, which began investing in 2017, is poised to unveil the writedown when SoftBank announces second-quarter earnings on Nov. 6, said the people, who requested anonymity because the matter is private.
The writedown is being driven by the Vision Fund’s holdings in ride-hailing giant Uber and WeWork parent We Co., the beleaguered co-working company that SoftBank agreed this week to rescue, they said. SoftBank’s shares slid 2.7% to their lowest since January, putting the stock on track for a fourth straight day of losses.
Uber and WeWork, once among the brightest stars in the SoftBank constellation, now number among its worst performers. Their shrinking valuations have called into question billionaire Masayoshi Son’s investment credibility at a time he’s trying to raise an even larger successor to his original mega fund. The tepid performance of ride-hailing stocks in particular has influenced the way SoftBank is thinking about valuing its investments in the sector, the people said. Public markets have not been kind to either Lyft Inc. or Uber, which has tumbled more than 25% since its May initial public offering.
That has led the Vision Fund to reassess its recorded valuations of other ride-hailing companies, such as Didi Chuxing and Grab Holdings Inc., said the people. Between June 30 and Sept. 30, the value of SoftBank’s 13% stake in Uber decreased by about $3.5 billion, according to Bloomberg data.
The writedown could be as high as $7 billion, but the amount has not yet been finalized and could still change, one of the people said. That surpasses some market projections: Mizuho Securities analyst Yusuke Hori has estimated declines in portfolio companies could force SoftBank to book as much as a 500 billion yen ($4.6 billion) valuation loss. Representatives for SoftBank and the Vision Fund declined to comment.
SoftBank Vision Fund Writedown Isn’t the Half of It: Tim Culpan
The Japanese conglomerate is due to report results in two weeks, when investors will zero in on how the WeWork deal affects its finances. SoftBank has said it didn’t get a majority of voting rights, meaning its troubled investee will be treated as an associate, not a subsidiary-- potentially keeping its balance sheet free of some $22 billion of debt and $47 billion in looming lease-payment obligations.
“Eventually this is going to come back to haunt them,” said Amir Anvarzadeh, a market strategist at Asymmetric Advisors Pte. “The market is just not in the mood to offer money-losing unicorns the kind of money SoftBank was willing to pay.”
The news of the writedown comes as SoftBank courts prospective investors for its second Vision Fund, which it has said it hopes will be even bigger than the first. The original Vision Fund -- in large part backed by SoftBank, Saudi Arabia’s Public Investment Fund and Abu Dhabi’s Mubadala Investment Co. -- had made 83 investments by June 30, according to an August disclosure.
The scale of those bets was big enough to change the way the Silicon Valley startup ecosystem operates. The Vision Fund disclosure showed that the fund had made cumulative investments of $71.4 billion, and had combined unrealized and realized gains from investments and related hedges of $20.2 billion; a year-on-year jump from $30.9 billion in investments and $5.2 billion in cumulative gains.
Softbank Vision Fund’s sprawling portfolio spans numerous industries but has been dominated by transportation and logistics bets, with $28.3 billion of its total investments dedicated to this sector as of June 30. These were held at a fair value of $33 billion at that date. Its $8 billion worth of real estate investments in companies including WeWork, Compass and Opendoor were marked at $9.9 billion as of June 30. The Vision Fund’s exposure to WeWork is less than that of its parent, SoftBank.
SoftBank Vision Fund Planning Writedown of Over $5 Billion
https://finance.yahoo.com/news/softbank-vision-fund-planning…
...SoftBank is planning to take a writedown to its Vision Fund of at least $5 billion to reflect a plunge in the value of some of its biggest holdings, including WeWork and Uber Technologies Inc., according to people with knowledge of the matter.
The Tokyo-based parent of the $100 billion Vision Fund, which began investing in 2017, is poised to unveil the writedown when SoftBank announces second-quarter earnings on Nov. 6, said the people, who requested anonymity because the matter is private.
The writedown is being driven by the Vision Fund’s holdings in ride-hailing giant Uber and WeWork parent We Co., the beleaguered co-working company that SoftBank agreed this week to rescue, they said. SoftBank’s shares slid 2.7% to their lowest since January, putting the stock on track for a fourth straight day of losses.
Uber and WeWork, once among the brightest stars in the SoftBank constellation, now number among its worst performers. Their shrinking valuations have called into question billionaire Masayoshi Son’s investment credibility at a time he’s trying to raise an even larger successor to his original mega fund. The tepid performance of ride-hailing stocks in particular has influenced the way SoftBank is thinking about valuing its investments in the sector, the people said. Public markets have not been kind to either Lyft Inc. or Uber, which has tumbled more than 25% since its May initial public offering.
That has led the Vision Fund to reassess its recorded valuations of other ride-hailing companies, such as Didi Chuxing and Grab Holdings Inc., said the people. Between June 30 and Sept. 30, the value of SoftBank’s 13% stake in Uber decreased by about $3.5 billion, according to Bloomberg data.
The writedown could be as high as $7 billion, but the amount has not yet been finalized and could still change, one of the people said. That surpasses some market projections: Mizuho Securities analyst Yusuke Hori has estimated declines in portfolio companies could force SoftBank to book as much as a 500 billion yen ($4.6 billion) valuation loss. Representatives for SoftBank and the Vision Fund declined to comment.
SoftBank Vision Fund Writedown Isn’t the Half of It: Tim Culpan
The Japanese conglomerate is due to report results in two weeks, when investors will zero in on how the WeWork deal affects its finances. SoftBank has said it didn’t get a majority of voting rights, meaning its troubled investee will be treated as an associate, not a subsidiary-- potentially keeping its balance sheet free of some $22 billion of debt and $47 billion in looming lease-payment obligations.
“Eventually this is going to come back to haunt them,” said Amir Anvarzadeh, a market strategist at Asymmetric Advisors Pte. “The market is just not in the mood to offer money-losing unicorns the kind of money SoftBank was willing to pay.”
The news of the writedown comes as SoftBank courts prospective investors for its second Vision Fund, which it has said it hopes will be even bigger than the first. The original Vision Fund -- in large part backed by SoftBank, Saudi Arabia’s Public Investment Fund and Abu Dhabi’s Mubadala Investment Co. -- had made 83 investments by June 30, according to an August disclosure.
The scale of those bets was big enough to change the way the Silicon Valley startup ecosystem operates. The Vision Fund disclosure showed that the fund had made cumulative investments of $71.4 billion, and had combined unrealized and realized gains from investments and related hedges of $20.2 billion; a year-on-year jump from $30.9 billion in investments and $5.2 billion in cumulative gains.
Softbank Vision Fund’s sprawling portfolio spans numerous industries but has been dominated by transportation and logistics bets, with $28.3 billion of its total investments dedicated to this sector as of June 30. These were held at a fair value of $33 billion at that date. Its $8 billion worth of real estate investments in companies including WeWork, Compass and Opendoor were marked at $9.9 billion as of June 30. The Vision Fund’s exposure to WeWork is less than that of its parent, SoftBank.
23.10.
WeWork plans to lay off 4,000 staff - FT
https://www.reuters.com/article/us-wework-layoffs-idUSKBN1X2…
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...Office-sharing startup WeWork is planning to cut as many as 4,000 jobs as a part of a turnaround plan put in place by top shareholder Japan’s SoftBank Group after it took control of the company this week, Financial Times reported on Wednesday.
The job cut will amount to just under a third of WeWork’s global workforce, and about 1,000 of the cuts will hit employees such as janitorial staff, the report said, citing people with direct knowledge of the plans.
SoftBank agreed to spend more than $10 billion to take over WeWork on Tuesday, giving a near $1.7 billion payoff to the startup’s co-founder Adam Neumann to relinquish control.
WeWork was not immediately available for comment.
WeWork plans to lay off 4,000 staff - FT
https://www.reuters.com/article/us-wework-layoffs-idUSKBN1X2…
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...Office-sharing startup WeWork is planning to cut as many as 4,000 jobs as a part of a turnaround plan put in place by top shareholder Japan’s SoftBank Group after it took control of the company this week, Financial Times reported on Wednesday.
The job cut will amount to just under a third of WeWork’s global workforce, and about 1,000 of the cuts will hit employees such as janitorial staff, the report said, citing people with direct knowledge of the plans.
SoftBank agreed to spend more than $10 billion to take over WeWork on Tuesday, giving a near $1.7 billion payoff to the startup’s co-founder Adam Neumann to relinquish control.
WeWork was not immediately available for comment.
Trading Spotlight
Antwort auf Beitrag Nr.: 61.744.099 von faultcode am 22.10.19 15:12:35Neumann to Get Up to $1.7 Billion to Exit WeWork as SoftBank Takes Control
Co-founder Adam Neumann to step down from WeWork board, while maintaining a stake in the company
https://www.wsj.com/articles/softbank-to-take-control-of-wew…
Co-founder Adam Neumann to step down from WeWork board, while maintaining a stake in the company
https://www.wsj.com/articles/softbank-to-take-control-of-wew…
Antwort auf Beitrag Nr.: 61.742.755 von faultcode am 22.10.19 12:49:56ADAM NEUMANN TO STEP DOWN FROM WEWORK BOARD: DJ...
https://twitter.com/zerohedge/status/1186618382600286210
https://twitter.com/zerohedge/status/1186618382600286210
21.10.
WSJ: SoftBank bids to bail out WeWork with takeover, slashing valuation to $8 billion
https://www.marketwatch.com/story/softbank-bids-to-bail-out-…
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...WeWork’s board is expected to meet tomorrow to weigh emergency-financing options including a takeover by SoftBank Group Corp. that would slash the co-working company’s valuation to about $8 billion and alleviate a looming cash crunch.
Ahead of a deadline tonight to submit bids, SoftBank has offered to lend $5 billion to the struggling startup and accelerate a $1.5 billion equity investment that had been scheduled for next year, people familiar with the matter said. SoftBank also would offer to buy more than $1 billion of stock from existing investors and employees, some of the people said.
JPMorgan Chase & Co. is expected to field a competing loan package that would bring together a group of outside investors. There is no guarantee it will be able to, and the terms it has outlined to potential investors so far are more expensive and complicated than what SoftBank is offering.
SoftBank’s offer would value WeWork at less than half of what the company had been looking to fetch in a now-scrapped initial public offering. It is even further from the $47 billion WeWork at which was valued in a funding from SoftBank in January.
WSJ: SoftBank bids to bail out WeWork with takeover, slashing valuation to $8 billion
https://www.marketwatch.com/story/softbank-bids-to-bail-out-…
=>
...WeWork’s board is expected to meet tomorrow to weigh emergency-financing options including a takeover by SoftBank Group Corp. that would slash the co-working company’s valuation to about $8 billion and alleviate a looming cash crunch.
Ahead of a deadline tonight to submit bids, SoftBank has offered to lend $5 billion to the struggling startup and accelerate a $1.5 billion equity investment that had been scheduled for next year, people familiar with the matter said. SoftBank also would offer to buy more than $1 billion of stock from existing investors and employees, some of the people said.
JPMorgan Chase & Co. is expected to field a competing loan package that would bring together a group of outside investors. There is no guarantee it will be able to, and the terms it has outlined to potential investors so far are more expensive and complicated than what SoftBank is offering.
SoftBank’s offer would value WeWork at less than half of what the company had been looking to fetch in a now-scrapped initial public offering. It is even further from the $47 billion WeWork at which was valued in a funding from SoftBank in January.
Antwort auf Beitrag Nr.: 61.703.884 von faultcode am 16.10.19 12:43:15Adam Neumann ist immer noch Chairman 
18.10.
Adam Neumann told staff earlier this year his family had 100% control of WeWork and even in 300 years, his descendants would be in control as 'the moral compass of the company'
https://www.businessinsider.de/wework-adam-neumann-said-fami…
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• Adam Neumann told staff he planned to have his family control WeWork indefinitely at the company's all-staff meeting in January, according to a video leaked to Business Insider.
• The now-ousted founder said at the company's January all-hands meeting that he and his family control the company "100%." He contrasted his situation with Google and Facebook, where he said founders have lost control.
• He said his five young children would "stay the moral compass of the company" and that even in 300 years, his descendants could control WeWork, even if they weren't CEO.
...
18.10.
Adam Neumann told staff earlier this year his family had 100% control of WeWork and even in 300 years, his descendants would be in control as 'the moral compass of the company'
https://www.businessinsider.de/wework-adam-neumann-said-fami…
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• Adam Neumann told staff he planned to have his family control WeWork indefinitely at the company's all-staff meeting in January, according to a video leaked to Business Insider.
• The now-ousted founder said at the company's January all-hands meeting that he and his family control the company "100%." He contrasted his situation with Google and Facebook, where he said founders have lost control.
• He said his five young children would "stay the moral compass of the company" and that even in 300 years, his descendants could control WeWork, even if they weren't CEO.
...
Goldman Sachs unloaded some of its WeWork shares before its investment bankers..
..pitched investors on what it once considered a $60 billion-plus IPOhttps://www.businessinsider.com/goldman-sold-wework-stake-an…
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