“In the new joint venture, Arm Holdings, the SoftBank subsidiary sold a 51% stake of the company to a consortium of Chinese investors for paltry $775M. This venture has the exclusive right to license Arm’s IP within China. Within 2 years, the venture went rogue. Recently, they gave a presentation to the industry about rebranding, developing their own IP, and striking their own independently operated path.”
It sounds like what really happened is that Softbank and Chinese investors initially voted to oust Allen Wu, but he held onto something called a seal that gave him legal control of the company still. Retrieving the seal would have taken additional lawsuits and cooperation of Chinese courts, but they did not do this because the Chinese investors were not onboard with it.
Apart from Allen Wu holding onto the seal the rest is just cutthroat capitalism.
It sounds like what really happened is that Softbank and Chinese investors initially voted to oust Allen Wu, but he held onto something called a seal that gave him legal control of the company still. Retrieving the seal would have taken additional lawsuits and cooperation of Chinese courts, but they did not do this because the Chinese investors were not onboard with it.
Apart from Allen Wu holding onto the seal the rest is just cutthroat capitalism.