Japanese based conglomerate SoftBank set to apply new governance at startups and its founders, Decison came after after WeWork pulled its IPO, the Financial Times reported on Monday, citing people briefed on the plan.
WeWork IPO is dead and the company is going with massive changes, Its Co-founder and CEO Adam Neumann is out, his misbehaviors were covered by The Wall Street Journal and company is selling off non-core businesses to manage the cost.
SoftBank was set to write down at least $5 billion due to a slump in the value of the US office sharing startup and some other top holdings, according to a media report.
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