October 24, 2019 / 11:58 PM / 24 days ago

SoftBank to write down minimum $5 bln for WeWork, other losses -Bloomberg

TOKYO, Oct 25 (Reuters) - SoftBank Group Corp is poised to write down at least $5 billion to account for a sharp drop in the value of some of its biggest holdings including WeWork and Uber Technologies Inc, Bloomberg reported.

Citing people with knowledge of the matter, Bloomberg said SoftBank, which runs the $100 billion Vision Fund, would announce the writedown along with its second-quarter earnings on Nov. 6.

SoftBank this week agreed to spend more than $10 billion to take over WeWork, doubling down on an ill-fated investment in the U.S. office-space sharing startup.

Reporting by Chang-Ran Kim; Editing by Christian Schmollinger

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