SoftBank Group Corp.’s Vision Fund is selling back its nearly 50% stake in Wag Labs Inc. as the Los Angeles dog-walking start-up cuts staff. Wag will regain control of SoftBank’s two board seats as part of the agreement, according to a memo Wag sent to staff Monday. A spokeswoman for the Vision Fund confirmed the stock sale but declined to comment further. The Vision Fund had invested $300 million in the business early last year before a reckoning came for Uber Technologies Inc., WeWork and other unprofitable companies backed by SoftBank. Wag had about $100 million in cash earlier this year, one of the people said.

Source: Los Angeles Times December 09, 2019 21:45 UTC