According to a new report from The Wall Street Journal, SoftBank plans to take a more conservative approach as it begins deploying capital from Vision Fund II.
Not only has it lost billions on WeWork, but several of its other portfolio companies are suffering through layoffs, mismanagement and more.
Fair.com, a startup building a flexible car ownership business that is valued at $1.2 billion — backed by some $500 million in equity from SoftBank and others, plus billions more dollars in debt funding — said this week that it will be laying off 40% of its staff.
There’s no more days needed to go fundraising …The size of the commitment that SoftBank has made to this company in the past and now is $18.5 billion.
That’s a country where there’s 11 million people.” Now nearly every single WeWork investor, particularly SoftBank, is entirely under water.
The dog-walking startup Wag raised $300 million from SoftBank, has also endured layoffs and management changes, and has failed to protect the safety of its pets, per this great report from CNN.
This week, Alex was remote and I was in studio to chat about a new angel fund, the WeWork saga and Lime’s losses.