SoftBank to write down minimum $5 billion for WeWork, other losses: Bloomberg

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TOKYO (Reuters) – SoftBank Group Corp (T:) 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 (N:), 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.

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