Apart from WeWork, SoftBank invests in a
wide array of companies, including Chinese
e-commerce conglomerate Alibaba; car-
sharing companies Uber, Didi and Grab;
internet company Yahoo and the internet of
things, or IoT, Britain-based company Arm.
Son pointed out that while Uber’s share price
has fallen recently, it has risen since SoftBank
invested in it.
Son promised a turnaround at WeWork,
saying it’s “not a sinking ship.” He said he has
sent in SoftBank Chief Operating Office
Marcelo Claure, who oversaw the merger
at Sprint, to lead WeWork and beef up its
corporate governance.
Adam Neumann, a co-founder of WeWork,
stepped down as chief executive in September.
In a presentation, Son said WeWork was
losing money from initial construction and
design costs but, with time, its properties will
become profitable.
Asked why WeWork was viewed as a
technology investment when it’s actually a
real estate company, Son pointed to internet
technology used by the company, which
focuses on offering office space to startups.
It’s common for new companies to start
out with losses, including those considered
successes such as Amazon and Facebook,
he said.
SoftBank says it has ample cash to handle
WeWork’s woes.
“There is no storm, and things are under
control,” he said.