SoftBank Group sees wider loss of $8.4 billion on WeWork write-down

SoftBank Group Corp. forecast a net loss for the fiscal year ended in March of 900 billion yen ($8.4 billion), revising its prediction from about two weeks earlier largely because of a deterioration in the business of office-sharing start-up WeWork.

The Japanese company made the announcement in a statement Thursday, citing more than 1 trillion yen of non-operating losses from investments held outside of its $100 billion Vision Fund. It had previously said its net loss would total about 750 billion because of writedowns in the value of investments both inside and outside the Vision Fund.

Founder Masayoshi Son has been struggling with the impact of the coronavirus on the portfolio of start-ups he has backed in recent years, from WeWork to Uber Technologies.