Japan's SoftBank stepped in to keep WeWork afloat, acquiring majority control over the company. WeWork shareholders are largely wiped out though SoftBank, which owns nearly 80 per cent of the equity distributed in the company, is likely still in negotiations after losing billions of dollars. In a prepared statement Monday ahead of WeWork's official announcement, Neumann called the bankruptcy filing disappointing and said it's been challenging for him "to watch from the sidelines since 2019 as WeWork has failed to take advantage of a product that is more relevant today than ever before."