October 23, 2019 / 12:55 AM / 24 days ago

SoftBank Group shares fall 2% as it doubles down on WeWork bet

TOKYO, Oct 23 (Reuters) - Shares of SoftBank Group Corp fell 2% in early morning trading on Wednesday as the tech conglomerate moves to take over beleaguered office-space sharing startup, WeWork, with a funding injection of $10 billion.

The deal, sources told Reuters on Tuesday, takes SoftBank’s total investment in WeWork, which is scrambling for cash following a flopped IPO attempt, to more than $19 billion, with the money-losing startup now valued at just $8 billion.

Japanese markets reopened on Wednesday following a national holiday. The benchmark index was flat. (Reporting by Sam Nussey; Editing by Clarence Fernandez)

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