Opinion
WeWork saga just latest blunder at SoftBank
SoftBank was once seen as a master of tech investing for buying early stakes in Yahoo and Alibaba. It is now better known for something else: a string of flops and its mastery of face-saving accounting wheezes.
The Lex ColumnThe dumb money was not so dumb after all. Public investors rejected WeWork’s plan to float.
Instead, SoftBank — supposedly the smart money in tech — will double down on its investment in the controversial US offices business. The Japanese group will inject $US6.5 billion ($9.5 billion) to dodge a writedown and save face. The constituency convinced by SoftBank’s accounting manoeuvres is dwindling fast.
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