The Presidential Daily Brief


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    SoftBank to WeWork: Actually, No Thanks

    Citing the legal mess facing the co-working company, the Japanese conglomerate has reportedly threatened to pull out of its $3 billion purchase of WeWork stock. While it'll still make good on its offer to extend $5 billion in debt, SoftBank's buyback refusal could plunge WeWork — whose value tumbled amid a botched initial public offering last year — into further financial turmoil.

    What's next? While SoftBank likely faces a serious crunch as the global economy contracts, WeWork might fare even worse as quarantines compel employees to stay home.

    Don't miss OZY's original series, Unconventional CEOs.

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