) fell 3% in morning trade on Wednesday as the tech conglomerate agreed to spend more than $10 billion to take over beleaguered office-space sharing startup WeWork, adding to its financial pressures.
SoftBank’s shares have fallen 30% from their July peak as investor scepticism grows over the path to profitability for its cash-burning marquee investments like WeWork and publicly listed Uber Technologies Inc . The cost of default protection on SoftBank Group has risen, with the 5-year credit default swap SFTB5YJPAC=R jumping 17.7 points in a week to the highest level since January.
WeWork is a distressed asset.
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Explain to me how this debacle lets neumann walk away with $2 billion in parting gifts. What about getting fired?
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