WeWork sued SoftBank for backing out of $3 billion deal

WeWork has now sued its biggest investor SoftBank for backing out of a $3 Bn deal in its bailout package, the special committee of WeWork’s board said SoftBank & CEO Masayoshi Son is now suffering from “buyer’s remorse.” SoftBank called the lawsuit “a desperate and misguided attempt” to rewrite last year’s agreement, emphasizing that the share purchase was subject to certain conditions. However, WeWork is now saying that SoftBank was facing an “increasingly dire” financial situation and took “desperate” actions to back out of the share buyout, including torpedoing the restructuring of the Chinese joint venture.

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