| From: Glenn Petersen | 8/15/2022 8:58:31 AM | | | | | | OT to Softbank. A familiar face gets another shot.
Adam Neumann’s New Company Gets a Big Check From Andreessen Horowitz
New York Times
August 15, 2022
Adam Neumann is back.
The founder of WeWork, whose spectacular rise and fall has been chronicled in books, documentaries and a scripted television series, has a new venture — and a surprising backer.
Mr. Neumann is starting a new company called Flow, focused on the residential real estate market, the DealBook newsletter reports. Notably, it has the financial support of Andreessen Horowitz, the prominent Silicon Valley venture capital firm that was an early investor in everything from Facebook to Airbnb.
Andreessen Horowitz is considered royalty among early-stage investors, so its backing is a powerful sign of support, and perhaps a rebuke to Mr. Neumann’s critics, who have described his leadership of WeWork as a cautionary tale of corporate hubris.
The firm’s investment in Flow is about $350 million, according to three people briefed on the deal, valuing the company at more than $1 billion before it even opens its doors. The investment is the largest individual check Andreessen Horowitz has ever written in a round of funding to a company.
Flow is expected to launch in 2023, and the venture capital giant’s co-founder Marc Andreessen will join its board, these people said. Mr. Neumann is planning to make a sizable personal investment in the firm in the form of cash and real estate assets.
“It’s often underappreciated that only one person has fundamentally redesigned the office experience and led a paradigm-changing global company in the process: Adam Neumann,” Mr. Andreessen wrote in a note posted on his firm’s website on Monday, explaining his rationale for investing in the company.
At its height, WeWork was valued at some $47 billion After a botched public offering and tales of mismanagement, it imploded spectacularly. Mr. Neumann was ousted from WeWork in 2019, but walked away with hundreds of millions of dollars. Today, WeWork has a market value of about $4 billion.
Mr. Andreessen wrote that “we love seeing repeat-founders build on past successes by growing from lessons learned.” For Mr. Neumann, he added, “the successes and lessons are plenty.”
Mr. Neumann, who has purchased more than 3,000 apartment units in Miami, Fort Lauderdale, Atlanta and Nashville, aims to rethink the rental housing market by creating a branded product with consistent service and community features. Flow will operate the properties Mr. Neumann has bought and also offer its services to new developments and other third parties. Exact details of the business plan could not be learned. (Flow is unrelated to the crypto company Flowcarbon, which was also co-founded by Mr. Neumann and raised $70 million in May in a round led by Andreessen Horowitz.)
It appears Mr. Neumann’s business will follow a very different model than WeWork, which involved renting office space on a long-term basis and then re-renting it to clients at higher rates for shorter terms. This created its own risks if WeWork was unable to find renters.
In the case of Flow, the business is effectively a service that landlords can team up with for their properties, somewhat similar to the way an owner of a hotel might contract with a branded hotel chain to operate the property.
The investment thesis for Flow appears to reflect economic and social trends that are driving more people to rent homes rather than buy them at a time when there is a housing shortage. A third of Americans rent their homes, and more than half of Americans living in urban settings are renters.
Mr. Neumann made a brief foray into the residential real estate market during his time at WeWork. The company created a division called WeLive that offered short-term rentals and experiences. The business was derided as a social experiment run amok and quickly shut down, one of a few divisions — like WeGrow and Rise by We — that took WeWork away from its core focus. Mr. Neumann has said that the company expanded into too many areas too quickly.
The investment in Flow, while large by venture capital standards, is still far smaller than the $9 billion that Masayoshi Son, the founder of SoftBank, invested in WeWork with the mandate for Mr. Neumann to grow the company as quickly as possible. When WeWork nearly collapsed, Mr. Son invested another $9 billion in the company to shore up its finances, leading to Mr. Neumann’s ouster.
Mr. Andreessen said in his memo that he was particularly interested in Flow because he believed the rental real estate was ripe for disruption, especially now that more people are working from home and “will experience much less, if any, of the in-office social bonding and friendships that local workers enjoy.”
He also hinted that the company might try to address one of the biggest challenges renters face: “You can pay rent for decades and still own zero equity — nothing.” He added: “In a world where limited access to homeownership continues to be a driving force behind inequality and anxiety, giving renters a sense of security, community and genuine ownership has transformative power for our society.”
It is unclear whether Flow will offer a rent-to-own program or some other mechanism for renters to create equity. Mr. Andreessen and other tech moguls recently opposed a plan for multifamily homes near their estates in the town of Atherton, Calif.
Mr. Neumann declined to comment. In an interview at the DealBook Summit last year, he said of his rise and fall at WeWork that “I have had a lot of time to think, and there have been multiple lessons and multiple regrets.”
The post Adam Neumann’s New Company Gets a Big Check From Andreessen Horowitz appeared first on New York Times.
dnyuz.com |
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| From: Glenn Petersen | 9/29/2022 4:03:16 PM | | | | | | SoftBank plans at least 30% staff cuts to Vision Fund, source confirms
Published Thu, Sep 29 20229:12 AM EDT
Updated 4 Hours Ago
Deirdre Bosa @dee_bosa
Lauren Feiner @lauren_feiner
CNBC.com
Key Points
- SoftBank is planning to cut at least 30% of staff at its ambitious investment arm, the Vision Fund, a source confirmed to CNBC's Deirdre Bosa.
- At least 150 out of 500 Vision Fund workers will be impacted by the cuts, according to Bloomberg, which first reported the news Thursday.
- SoftBank founder Masayoshi Son had foreshadowed cost-cutting this summer after the company posted a $21.6 billion quarterly loss for the Vision Fund.
SoftBank is planning to cut at least 30% of staff at its ambitious investment arm, the Vision Fund, a source confirmed to CNBC.
At least 150 out of 500 Vision Fund workers will be impacted by the cuts, according to Bloomberg, which first reported the news Thursday.
SoftBank founder Masayoshi Son had foreshadowed cost-cutting and a more conservative investment approach this summer after the company posted a $21.6 billion quarterly loss for the Vision Fund.
Though the fund was created to take big swings, as it did with companies like Uber and WeWork, Son said last month that he's had to learn to become "more systematic" about investments and less swayed by emotions toward specific companies.
"Rather than aiming for the home run ... (we) try to aim for the first base or second base hit," Son said in August.
Still, he said at the time, Vision Fund head count may need to be "reduced dramatically" with "cost reduction" needed across units.
SoftBank declined to comment.
cnbc.com |
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| From: Agentsmith_2000 | 10/13/2022 8:35:40 PM | | | | | | | What prospects does Softbank have in the near term? Seems like its everyones favorite short sell lately. Has the image of a large Tech fund in constant state of outflows. Doesnt help to see employee/talent cuts. But at what point is the price right?? |
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| From: Glenn Petersen | 11/18/2022 6:43:26 AM | | | | | | Masayoshi Son owes $4.7bn to SoftBank following tech rout
Market crash also wipes out value of Japanese founder’s stake in second Vision Fund 0
Robert Smith in London and Kana Inagaki and Leo Lewis in Tokyo
Financial Times
YESTERDAY
Masayoshi Son personally owes SoftBank close to $5bn because of growing losses on the Japanese conglomerate’s technology bets, which have also rendered the value of his stake in the group’s second Vision Fund worthless.
The billionaire’s ballooning personal liabilities, discovered through a Financial Times analysis of SoftBank’s recent filings, comes as the world’s biggest tech investor was hammered by plunging tech stocks and valuations in private companies over the past year.
The 65-year-old chief executive and founder of SoftBank last week said he would step back from running day-to-day operations at the group. His main focus, he said, would be on the company’s British chip subsidiary Arm, after the technology conglomerate posted quarterly investment losses of $10bn.
The widening losses in SoftBank’s various investment vehicles have also added billions of dollars to the tab that Son owes the group in relation to its technology bets. This is because SoftBank fronted him the money to invest in its technology-related funds, which he is under no obligation to repay for many years.
The value of Son’s 17.25 per cent stake in SoftBank’s $56bn second Vision Fund was also wiped out entirely by the end of September, having been valued at $682mn during the previous quarter. His stake in the investment vehicle climbed as high as $2.8bn at the end of 2021, when heady valuations for start-ups enabled SoftBank to sell shares in public listings of portfolio companies such as WeWork and AutoStore.
SoftBank has not yet collected $2.8bn that Son owes in relation to his stake in the fund. Previously, SoftBank netted off the value of his equity from the amount he owed the group, meaning at the end of 2021 this stood at just $4mn.
Son also owes SoftBank $669mn under a similar arrangement on its Latin American fund, which has backed start-ups across the continent, although this is reduced to $252mn when his equity value in the fund is taken into account.
The total amount the Japanese executive owes his company is now at $4.7bn, when losses in the group’s shortlived internal hedge fund SB Northstar are also taken into account, SoftBank confirmed to the FT.
Son’s growing liabilities to his own company have emerged as SoftBank shareholders have questioned its decision to sharply accelerate the pace of share buybacks in recent weeks, which pushed its share price to a 12-month high earlier this month and left its stock buoyant despite the heavy losses at its Vision Funds.
Son has to personally cover a third of the losses in Northstar, which earned notoriety for carrying out the “Nasdaq whale” trades in US technology stocks in 2020. The stock-trading unit’s total investment losses grew to nearly $6bn at the end of September as the group continued to liquidate its investments.
If the internal hedge fund’s outsized derivative bets had paid off, Son would have reaped a third of the gains.
Similarly, if Vision Fund 2’s investments in private technology companies had been profitable, the SoftBank founder stood to gain handsomely without putting up any upfront capital. Instead the arrangement has wiped billions of dollars off the net worth of one of Japan’s richest men.
In contrast to SoftBank’s first $100bn Vision Fund, which secured tens of billions of dollars from Middle Eastern sovereign wealth funds, its second major technology investment vehicle has no outside backers. The only investors are SoftBank and Son, with a slug of the company’s stake held as preference shares that rank ahead of its founder.
The second Vision Fund was one of a number of blue-chip investors that wrote off its stake in collapsed cryptocurrency exchange FTX last week, with SoftBank’s total losses standing at about $100mn.
In both Vision Fund 2 and the Latin America Fund, Son has pledged both his stake in the funds and a portion of his SoftBank stake as collateral for the amount he owes the company. On top of this, the billionaire founder has also provided a personal guarantee in relation to the unpaid bill.
Masayoshi Son owes $4.7bn to SoftBank following tech rout | Financial Times |
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| To: Glenn Petersen who wrote (5996) | 2/7/2023 5:13:22 AM | | From: Glenn Petersen | | | | SoftBank’s Vision Fund posts fourth straight quarter of losses as tech slump hits Japanese giant
PUBLISHED TUE, FEB 7 20233:14 AM EST
UPDATED AN HOUR AGO
Arjun Kharpal @ARJUNKHARPAL
CNBC.com
KEY POINTS
-- SoftBank’s flagship investment arm, the Vision Fund, posted its fourth straight quarterly loss on Tuesday as a slump in technology valuations continues to hit the Japanese giant.
-- Some of SoftBank’s worst-performing investments were Chinese artificial intelligence firm SenseTime and Indonesian technology group GoTo, both of which have seen shares plummet around 60% over the last year.
-- Masayoshi Son, SoftBank’s outspoken founder and the mastermind behind the Vision Fund, said in May that the company would go into “defense” mode and be more “conservative” with the pace of investments.
SoftBank’s flagship investment arm the Vision Fund posted its fourth straight quarterly loss on Tuesday as a slump in technology valuations continues to hit the Japanese giant.
The Vision Fund segment posted a pre-tax loss of 660 billion Japanese yen ($5 billion) for the December quarter. SoftBank’s Vision Fund’s loss on investments came in at 730.35 billion yen over the three-month period.
SoftBank Group overall reported a net loss of 783.4 billion yen, sinking back to a quarterly loss after posting a profit in the July-to-September quarter.
It has been a tough time for SoftBank whose Vision Fund has stakes in a range of tech companies, from start-ups to listed behemoths, amid a massive drop in technology valuations over the past year.
SoftBank said some of the major losses in the last quarter were due to an “overall decrease in the fair value of portfolio companies, mainly reflecting markdowns of weaker-performing companies and share price declines in market comparable companies.”
Some of SoftBank’s worst-performing investments include Chinese artificial intelligence firm SenseTime, which is down 57% over the past year, and Indonesian technology group GoTo, which has seen its shares plummet over 65%.
Masayoshi Son, SoftBank’s outspoken founder and the mastermind behind the Vision Fund, said in May that the company would go into “defense” mode and be more “conservative” with the pace of investments after the unit posted a record 3.5 trillion Japanese yen loss for last fiscal year.
SoftBank said that it made just $2.76 billion in new and follow-on investments in the nine months to Dec. 31, a “significant reduction” from $39.24 billion in 2021.
Over the past year, SoftBank has been exiting some of its highest-profile investments to raise cash. In August, it said it had sold its remaining stake in U.S. ride-hailing giant Uber. And last year, it sold some of its Alibaba shares via a derivative called a forward contract. Son made his fortune with an early investment in Alibaba more than two decades ago.
Son, who is known for his colourful investor presentations, was not present on the company’s earnings call Tuesday.
The SoftBank CEO is currently focused on trying to pull off a public listing of ARM, the British chip designer it bought in 2016. The company’s finance chief Yoshimitsu Goto said on Tuesday that the listing of ARM will take place this year.
“Preparation is underway and we will see how the market condition goes,” Goto said.
SoftBank Vision Fund posts another quarterly loss as tech slump bites (cnbc.com) |
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| To: Glenn Petersen who wrote (5997) | 2/8/2023 4:28:38 AM | | From: Glenn Petersen | | | | Arm CEO says form fully committed to a market listing this year
By Stephen Nellis
Reuters
February 7, 20231:56 PM CST
SAN FRANCISCO, Feb 7 (Reuters) - The chief executive of Softbank-owned British chip technology firm Arm told Reuters on Tuesday that the company is committed to a stock market float this year.
"The plans are actually fairly well developed and underway now," Rene Haas said in an interview after Arm's corporate parent reported its fourth straight quarter of losses. "We're doing everything we can and are committed to have it happen this year."
Arm's fiscal third quarter sales were up 28% to $746 million, one of the few growth areas for Softbank (9984.T) as its vast portfolio of early stage technology startup investments weighed on its results.
Arm is the world's biggest supplier of chip design elements used in smartphones, selling intellectual property to companies like Apple Inc (AAPL.O) and Qualcomm Inc (QCOM.O). Arm makes money off upfront licensing deals with such companies and then a royalty on each chip sold using its technology.
Part of Haas' strategy has been to speed up Arm's push into other markets such as data center servers, where companies like Amazon.com Inc's (AMZN.O) cloud unit are using Arm-based chips.
Those efforts helped boost upfront license revenue 65% to $300 million as Arm signed new deals in cloud computing and other segments, though company executives conceded that some of the growth was driven by multiple deals landing at once.
Arm said per-chip royalties, which are steadier than its deal-making business, were up 12% to $446 million in the quarter. That growth came amid a slowdown in the smartphone business that dragged down results at Apple and Qualcomm.
Haas said Arm is "not immune" to the softening smartphone market but that the company has licensed more intellectual property into each chip than in the past. With the most advanced phone chips now using 10 to 12 computing cores along with the newest version of Arm's computing architecture, he said that translates into higher royalties for each chip sold.
"The diversification that we've done and, in core markets, just having more technology in the chips means that we've been able to withstand the downturn better than most," Haas said.
Additional reporting by Muvija M and Paul Sandle; Editing by Alistair Smout and Bill Berkrot
Our Standards: The Thomson Reuters Trust Principles.
Arm CEO says firm fully committed to a market listing this year | Reuter |
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| From: Glenn Petersen | 3/6/2023 5:10:21 AM | | | | | | SoftBank's Arm aims to raise at least $8 billion in U.S. IPO, sources say
By Echo Wang and Anirban Sen
Reuters
March 5, 2023
NEW YORK, March 5 (Reuters) - Arm Ltd, the British chip designer owned by Japan's SoftBank Group Corp (9984.T), is likely to aim to raise at least $8 billion from what is expected to be a blockbuster U.S. stock market launch this year, people familiar with the matter said on Sunday.
Arm is expected to confidentially submit paperwork for its initial public offering in late April, the sources said, speaking on condition of anonymity because the discussions are confidential. The listing is expected to happen later this year and the exact timing will be determined by market conditions, the sources added.
SoftBank has picked four investment banks to lead what is expected to be the most high-profile stock market flotation in recent years. Goldman Sachs Group Inc (GS.N), JPMorgan Chase & Co (JPM.N), Barclays (BARC.L) and Mizuho Financial Group (8411.T) are expected to be the lead underwriters for the deal, the sources said, adding that no bank has been picked for the much-coveted "lead left" position yet.
The Australian Financial Review reported on the lead banks earlier on Sunday.
The preparations for the IPO are expected to be kick-started in the U.S. in the coming days, the sources said. The valuation range has not yet been finalized but Cambridge, England-based Arm is hoping to be valued at more than $50 billion during its share sale, the sources said.
Barclays, JPMorgan and SoftBank did not immediately respond to requests for comment. Arm, Goldman Sachs and Mizuho declined to comment.
A successful listing for Arm this year would provide a boost to the IPO market, which has been largely frozen since Russia's invasion of Ukraine in February 2022 triggered market volatility and a huge sell-off in tech stocks.
The IPO market briefly flickered back to life last month as a number of companies including solar tech firm Nextracker Inc (NXT.O) and Chinese sensor maker Hesai Group (HSAI.O) listed their shares on U.S. stock exchanges, but investors still remain wary of betting on new stocks.
IPO advisors are not expecting a full-blown recovery in capital markets until the latter half of this year. read more
Arm said last week it would pursue a U.S.-only listing this year, dashing the British government's hopes that the tech giant would return to the London stock market. read more
SoftBank has been pursuing a listing for Arm since its deal to sell the chip designer to Nvidia Corp (NVDA.O) for $40 billion collapsed last year because of objections from U.S. and European antitrust regulators.
Reporting by Echo Wang and Anirban Sen in New York; Editing by Will Dunham
Our Standards: The Thomson Reuters Trust Principles.
SoftBank's Arm aims to raise at least $8 billion in U.S. IPO, sources say | Reuters |
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| From: Julius Wong | 3/29/2023 7:28:21 AM | | | | | | Softbank's stock rose after Alibaba revealed plans to split up into six units
Mar. 29, 2023 5:46 AM ET
SoftBank Group Corp. (SFTBY), SFTBF, BABA
By: Niloofer Shaikh, SA News Editor
 Carl Court
Softbank Group ( OTCPK:SFTBY) ( OTCPK:SFTBF) soared on Wednesday after Chinese e-commerce Alibaba (NYSE: BABA) announced a major restructuring plan - Reuters reported Wednesday.
With 13.7% stake, Alibaba is a key portfolio company of Softbank.
The Tokyo-based company's stock rose about 6.2% in intraday trading on Wednesday, the largest intraday gain since October.
E-commerce giant Alibaba ( BABA) announced on Tuesday to split into six units and explore fundraising or IPOs for most of them.
This initiative will allow the company's main divisions: Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group, and Digital Media and Entertainment Group to operate with far greater autonomy, laying the groundwork for future spinoffs and market debuts.
Following the announcement of the split, Alibaba ( BABA) shares rose 14%, bringing the company's market value to around $255B. |
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| From: Glenn Petersen | 4/12/2023 7:55:24 PM | | | | | | SoftBank moves to sell down most of its Alibaba stake
Japanese investor makes $7.2bn from forward sales of shares in Chinese ecommerce group as lucrative
Ryan McMorrow in Beijing, Eleanor Olcott in Hong Kong and Kana Inagaki in Tokyo
AN HOUR AGO
Financial Times
SoftBank has moved to sell almost all of its remaining shareholding in Alibaba, limiting its exposure to China and raising cash as the market downturn pummels the value of its technology investments.
The Japanese group, led by billionaire founder Masayoshi Son, has sold about $7.2bn worth of Alibaba shares this year through prepaid forward contracts, after a record $29bn selldown last year.
The forward sales, revealed through a Financial Times analysis of regulatory filings sent by post to the US Securities and Exchange Commission, will eventually cut SoftBank’s stake in the $262bn Chinese ecommerce group to just 3.8 per cent.
The contracts allow SoftBank the option to buy back the shares, but the group has settled previous deals by handing over the stock. The Japanese investor once owned as much as 34 per cent of Alibaba.
SoftBank’s selldown comes at a pivotal moment for the Japanese group, which is planning a blockbuster listing of UK chip designer Arm as it seeks to recover from a spate of failed investments and unprecedented losses. For Alibaba, it will mean the retreat of a longtime backer just as the Chinese group attempts to reinvent itself by splitting into six entities.
SoftBank’s selling spree has come as the Chinese group’s shares have plumbed six-year lows, a disappointing conclusion to one of the most successful technology investments ever made. Son paid $20mn for the bulk of SoftBank’s holding in the fledgling Chinese group more than two decades ago after meeting founder Jack Ma.
“He had no business plan and zero revenue, employees maybe 35 [or] 40,” Son later said on Bloomberg TV. “But his eyes [were] very strong, strong eyes, strong shining eyes. I could tell from the way he talked, the way he looked [at things], he has a charisma, he has a leadership.”
Ma’s penchant for speaking his mind turned into a liability in October 2020 when he criticised China’s state-owned banks at a financial summit in Shanghai. Beijing then suspended the blockbuster IPO of Alibaba’s sister company Ant, as President Xi Jinping launched a campaign to rein in the country’s tech groups.
The crackdown has cut Alibaba’s share price by 70 per cent, leaving SoftBank selling most of its holding at prices on a par with where Alibaba opened for trading in New York eight years ago.
Over the past 14 months, SoftBank reaped, on average, $92 a share from the forward sales of 389mn Alibaba shares, far below the company’s all-time high of $317 a share, according to filings supplied by data provider The Washington Service.
They show SoftBank most recently raised about $4.5bn in February from the forward sales of 46mn shares, coming after the sale of 30mn shares for $2.7bn in late December. SoftBank said the latter sale was not fully completed by the end of December and would be accounted for in its yet to be released financial report for the quarter that ended on March 31.
SoftBank declined to comment on the regulatory filings. But it said the Alibaba transactions reflected its shift to “a defensive mode” to address a more uncertain business environment. “We are bolstering our financial stability by increasing our liquidity on hand by raising cash,” it said.
It added that the additional amount it raised from Alibaba shares would be revealed when it reports its fourth-quarter results in May.
With forward sales, SoftBank generally lends its Alibaba shares to a broker, which sells the shares into the market over a period of days or weeks. The broker takes a fee before returning the proceeds to the Japanese group.
When the contracts come due, SoftBank can either fully relinquish its claim to the shares or pay the broker the market price to repurchase the shares on its behalf.
The filings show most of the recent deals were handled by Barclays, Mizuho Securities and SMBC Nikko Securities, which would earn less than 1 per cent of the proceeds as fees, according to a banker familiar with the deals. Their structure allows SoftBank to delay paying capital gains tax until settlement.
At the end of February, SoftBank had only 98mn shares of Alibaba left to sell, according to the FT’s estimates. On March 30, the group shifted how it held another 22.3mn shares “in light of the potential to use them for financing in the future,” SoftBank said in a statement.
While SoftBank has said that the monetisation of Alibaba shares was to shore up its finances, some investors have seen the move as a desperate means to lift its earnings figures, with analysts projecting a second consecutive year of heavy losses.
SoftBank has put cash harvested from the Alibaba selldown into its Vision Fund II, paid off debt and repurchased shares. Billions are also piling up in cash on its balance sheet, which stood at ¥5.8tn ($43bn) at the end of December, leading to a growing internal debate over how to spend the money, according to a person close to SoftBank.
SoftBank said it would continue to be selective with its investments, citing uncertain market conditions.
“There are divergent views internally on whether we should continue to be a bit more defensive?.?.?.?or whether now is the time to get back into investing,” said the person close to SoftBank. “[Executives] are coming around more and more to opening the spigot again.”
SoftBank moves to sell down most of its Alibaba stake | Financial Times (archive.ph) |
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