SoftBank raised eyebrows nearly two years ago when it pumped a staggering $300 million into a dog-walking startup called Wag. Now, after a series of stumbles at the company, SoftBank () appears to be giving up on the investment.
New Wag CEO Garrett Smallwood informed staffers on Monday that the company was “amicably parting ways with SoftBank,” according to the email obtained by CNN Business. Softbank will no longer have representation on its board, he told employees in the email. SoftBank is also selling its stake in Wag back to the company
With SoftBank backing away from the company and seemingly no sale on the horizon, Wag is now cutting more jobs in an effort to “align our organization with the needs of our business,” according to the CEO’s email to staff.