Stock Market News Today: S&P 500 on Winning Streak; Disney Stock in Focus

WeWork hasn’t worked well for SoftBank. With WeWork’s bankruptcy filing Tuesday, SoftBank has lost over $14 billion on its investments in the office-leasing company, an analysis of SoftBank filings and WeWork’s stock price shows. It is an astounding amount of money to have lost on a single company, and it marks one of the worst bets ever on a startup. The scale of the loss is especially striking given the industry: Competitor IWG, with similar revenue to WeWork, has a market value of $1.

SoftBank then lent $5 billion—and bought more equity—to bail out the company in 2019 after Neumann was ousted as chief executive. The losses come from both debt and equity. SoftBank put about $12 billion into WeWork shares, per a 2022 filing. And while SoftBank offloaded some loans to other investors, it is by far the largest creditor and has steadily written down the debt in recent quarters. In its March 2022 annual report, SoftBank said it had lost $8.7 billion on WeWork stock.

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