SoftBank is selling back its stake in embattled dog-walking startup Wag, amid the company's 'painful' layoffs

Posted On: Dec 10, 2019   |   Posted By: Business Insider

SoftBank is selling back its stake in embattled dog-walking startup Wag, amid the company's 'painful' layoffs

SoftBank's Vision Fund is giving up its nearly 50% stake in the dog-walking startup Wag, as the company continues to struggle.
A memo circulated among Wag employees informed them that the company was parting ways with SoftBank and cutting a significant number of jobs. The news was first reported by the Wall Street Journal's Cara Lombardo .
The dog-walking startup has faced significant obstacles lately, including the departure of its former CEO Hilary Schneider last month. This happened while the company reportedly shopped around for buyers and sought to sell itself for a lower price than its original valuation, according to Bloomberg .
SoftBank's Vision Fund invested $300 million in Wag last year, an investment that has drawn close scrutiny lately after a series of high-profile investment flops, like WeWork's implosion, have left the company reeling.
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SoftBank is selling back its nearly 50% stake in Wag to the embattled dog-walking startup, while the startup...

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