ReutersDec 10, 2019 02:17:43 IST
(Reuters) – The SoftBank Group Corp Imaginative and prescient Fund has agreed to promote its nearly 50% stake in Wag Labs Inc again to the canine strolling startup, the Wall Road Journal reported Monday citing folks aware of the matter.
"We’re separating pleasant from SoftBank and SoftBank will not have board illustration," chief government Garrett Smallwood stated in a memo to staff, in response to the report.
Wag, who fired a number of dozen staff earlier this yr, is letting go of a major quantity of the remainder of his workforce, in response to the report (https://on.wsj.com/2P75bPi)
"At the moment we are saying goodbye to a number of of our buddies and colleagues by aligning our group with the wants of our enterprise," Smallwood stated within the memo, in response to the report.
SoftBank and Wag Labs didn’t instantly reply to the request for feedback from Reuters.
(Bharath Manjesh report in Bangalore; Shailesh Kuber version)
This story has not been edited by Firstpost employees and is generated by computerized feed.
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