Live Breaking News & Updates on Cnbc Softbank

Sources telling Cnbc Softbank is coming to the rescue and will take control of the company. Josh lipton has all the details. Melissa, thats right a new dramatic twist in wework story here cnbc is now reporting that softbank is in advanced talks to take control of wework, thats what sources are telling cnbcs own david faber, a deal could be announced as soon as tomorrow. It is softbank led by japanese billionaire masasan taking control here, after the move softbank would control nearly 80 of wework, prior to the takeover, softbank already invested nearly 11 billion in the company. Softbank economic marcello clarette will be involved in the companys management, former ceo adam newmans stake will fall to low double digits. Last month wework terminated plans to go public the prospectus revealed a huge 900 million loss in the First Six Months of 2019
New York , United States , Bob Iger , Raymond James , Priscilla Chan , Los Angeles , Dennis Muhlenberg , Carter Braxton , Edward Jones , Cramer America , Lester Holt , David Faber , Cnbc Softbank , Josh Lipton , Pete Buttigieg , Tony Dwyer , Melissa Lee , Phil Lebeau , Linkedin Maribel , Adam Newmans , First Six Months , Six Months , Corporate Governance , San Francisco , Single Digits , Public Private ,