Masayoshi Son, the defiant founder of SoftBank, admitted he had turned a "blind eye" to governance lapses at WeWork but vowed to revive the crisis-hit group after disclosing a US$4.6 billion ($7.23b) writedown on the Japanese company's investment in it.

The dismal results on Wednesday came two weeks after SoftBank agreed a US$9.5b package to rescue the US office-sharing group following an aborted attempt at an initial public offering. The deal saw WeWork's valuation sink from US$47b in January to US$8b.

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