SoftBank Is Selling Wag Stake Back to Company

SoftBank Group Corp.’s Vision Fund has agreed to sell its nearly 50% stake in Wag Labs Inc. back to the struggling dog-walking startup, according to people familiar with the matter, marking another disappointment for the Japanese investing giant.
Wag, which earlier this year laid off several dozen employees, is letting go a significant amount of the remainder of its workforce today, according to one of the people and an internal memo viewed by The Wall Street Journal.