SoftBank to write down WeWork by $6.6 billion, compounding portfolio misery mobile.reuters.com

TOKYO (Reuters) - SoftBank Group Corp (9984.T) said it sees a loss of around 700 billion yen ($6.6 billion) for the year ended March on the portion of its WeWork investment held outside the Vision Fund, as the virus compounds woes at one of the firm’s biggest bets.
FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017.
The tech conglomerate has poured more than $13.5 billion into WeWork, one of a string of troubled bets by CEO Masayoshi Son that have laid waste to SoftBank’s full-year earnings.
The group maintained its forecast of a record annual operating loss of 1.35 trillion yen announced earlier this month.
The group has launched a record 2.5 trillion yen buyback to support its share price.