SoftBank Group (SFTBY) won approval from the board of WeWork to take control of the office space rental operator, according to multiple news reports, as WeWork chose SoftBank's rescue package over a competing offer from JPMorgan Chase (JPM - Get Report) .
We Co. reportedly was in danger of running out of cash before the end of the year, necessitating a bailout from SoftBank. The deal is expected to value WeWork at about $8 billion, a far cry from its previous valuation earlier this year of more than $45 billion.
SoftBank will purchase nearly $1 billion of privately traded We stock from co-founder and former CEO Adam Neumann, who will also receive a $500 million credit line to help him repay a loan facility of the same amount led by JPMorgan. Neumann also will receive a $185 million consulting fee, according to the Journal.
Shares of Facebook (FB - Get Report) were falling Tuesday after it was revealed that 47 different state attorneys generals have now signed on to an antitrust probe that was first announced in September.
The attorneys general of Colorado, Florida, Iowa, Nebraska, North Carolina, Ohio, Tennessee and the District of Columbia have joined New York Attorney General Letitia James on the leadership team investigating the company.
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