WeWork's valuation has dropped to $2.9 billion, amid COVID-19, from the $47 billion in January 2019, SoftBank Group said. The startup's valuation later dropped to nearly $8 billion after its unsuccessful IPO, after which SoftBank took a majority stake as part of WeWork's rescue plan. Earlier in May, WeWork Founder Adam Neumann sued SoftBank for cancelling a $3-billion share buyout.