SoftBank turns away from backing Tesla rival’s IPO

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SoftBank Group Corp. reportedly won’t buy into next month’s IPO by electric car maker Nio Inc. The Japanese electronics giant explored investing as much as $200 million in the Chinese car maker whose U.S. headquarters is in San Jose, according to the Wall Street Journal. But now the Journal’s unnamed sources say SoftBank has backed away from Nio’s offering, which is expected to to raise up to $1.5 billion in two weeks. SoftBank has direct and indirect stakes already in a number of companies that…

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SoftBank turns away from backing Tesla rival’s IPO