NEW YORK, NY - JANUARY 17:  Judge, Co-founder and CEO of WeWork, Adam Neumann appears on stage as WeWork presents Creator Awards Global Finals at the Theater At Madison Square Garden on January 17, 2018 in New York City.  (Photo by Cindy Ord/Getty Images for WeWork)
NEW YORK, NY - JANUARY 17: Judge, Co-founder and CEO of WeWork, Adam Neumann appears on stage as WeWork presents Creator Awards Global Finals at the Theater At Madison Square Garden on January 17, 2018 in New York City. (Photo by Cindy Ord/Getty Images for WeWork)
PHOTO: Cindy Ord/Getty Images for WeWork
Now playing
02:29
Former WeWork CEO is getting a massive payout
Now playing
03:09
Trivago CEO's son crashes live CNN interview
Now playing
01:09
Here are some of Budweiser's best Super Bowl ads ever
Steve Gray stands outside his home in Gillette, Wyoming. He called CNN concerned that, following the election of President Biden, that Gillette could become a "ghost town." He says he was laid off from an oil field job in 2015, then subsequently from another job in oil and then one in coal last year.
Steve Gray stands outside his home in Gillette, Wyoming. He called CNN concerned that, following the election of President Biden, that Gillette could become a "ghost town." He says he was laid off from an oil field job in 2015, then subsequently from another job in oil and then one in coal last year.
PHOTO: McKenna Ewen
Now playing
09:21
He called CNN after the election to share his biggest fear
PHOTO: Shutterstock
Now playing
04:42
Ever receive a package you didn't order? It could be a scam
Outgoing US President Donald Trump and First Lady Melania arrive at Palm Beach International Airport in West Palm Beach, Florida, on January 20, 2021. - President Trump and the First Lady travel to their Mar-a-Lago golf club residence in Palm Beach, Florida, and will not attend the inauguration for President-elect Joe Biden. (Photo by ALEX EDELMAN / AFP) (Photo by ALEX EDELMAN/AFP via Getty Images)
Outgoing US President Donald Trump and First Lady Melania arrive at Palm Beach International Airport in West Palm Beach, Florida, on January 20, 2021. - President Trump and the First Lady travel to their Mar-a-Lago golf club residence in Palm Beach, Florida, and will not attend the inauguration for President-elect Joe Biden. (Photo by ALEX EDELMAN / AFP) (Photo by ALEX EDELMAN/AFP via Getty Images)
PHOTO: ALEX EDELMAN/AFP/AFP via Getty Images
Now playing
03:05
Sales drop at Trump businesses hit hard by pandemic, toxic image
US President Joe Biden signs executive orders for economic relief to Covid-hit families and businesses in the State Dining Room of the White House in Washington, DC, on January 22, 2021. (Photo by Nicholas Kamm / AFP) (Photo by NICHOLAS KAMM/AFP via Getty Images)
US President Joe Biden signs executive orders for economic relief to Covid-hit families and businesses in the State Dining Room of the White House in Washington, DC, on January 22, 2021. (Photo by Nicholas Kamm / AFP) (Photo by NICHOLAS KAMM/AFP via Getty Images)
PHOTO: Nicholas Kamm/AFP/Getty Images
Now playing
02:42
Biden signs executive order to promote $15 federal minimum wage
White House senior adviser Kevin Hassett speaks with reporters at the White House, Friday, June 19, 2020, in Washington. (AP Photo/Alex Brandon)
White House senior adviser Kevin Hassett speaks with reporters at the White House, Friday, June 19, 2020, in Washington. (AP Photo/Alex Brandon)
PHOTO: Alex Brandon/AP
Now playing
05:08
Ex-Trump official who supports Biden stimulus plan speaks out
Miles of unused pipe, prepared for the proposed Keystone XL pipeline, sit in a lot on October 14, 2014 outside Gascoyne, North Dakota. (Photo by Andrew Burton/Getty Images)
Miles of unused pipe, prepared for the proposed Keystone XL pipeline, sit in a lot on October 14, 2014 outside Gascoyne, North Dakota. (Photo by Andrew Burton/Getty Images)
PHOTO: Andrew Burton/Getty Images
Now playing
01:58
Biden revokes Keystone XL pipeline permit
Now playing
03:17
Many believed conspiracy theories about Trump and the election. Now, they're losing faith
SAN ANSELMO, CALIFORNIA - JANUARY 08: The suspended Twitter account of U.S. President Donald Trump appears on an iPhone screen on January 08, 2021 in San Anselmo, California. Citing the risk of further incitement of violence following an attempted insurrection on Wednesday, Twitter permanently suspended President Donald Trump
SAN ANSELMO, CALIFORNIA - JANUARY 08: The suspended Twitter account of U.S. President Donald Trump appears on an iPhone screen on January 08, 2021 in San Anselmo, California. Citing the risk of further incitement of violence following an attempted insurrection on Wednesday, Twitter permanently suspended President Donald Trump's account. (Photo Illustration by Justin Sullivan/Getty Images)
PHOTO: Justin Sullivan/Getty Images North America/Getty Images
Now playing
04:29
What impact could deplatforming Donald Trump have?
Members of the Michigan Boogaloo Bois an anti-government group stand with their long guns near the Capitol Building in Lansing, Michigan on January 17, 2021, during a nationwide protest called by anti-government and far-right groups supporting US President Donald Trump and his claim of electoral fraud in the November 3 presidential election. - The FBI warned authorities in all 50 states to prepare for armed protests at state capitals in the days leading up to the January 20 presidential inauguration of President-elect Joe Biden. (Photo by SETH HERALD / AFP) (Photo by SETH HERALD/AFP via Getty Images)
Members of the Michigan Boogaloo Bois an anti-government group stand with their long guns near the Capitol Building in Lansing, Michigan on January 17, 2021, during a nationwide protest called by anti-government and far-right groups supporting US President Donald Trump and his claim of electoral fraud in the November 3 presidential election. - The FBI warned authorities in all 50 states to prepare for armed protests at state capitals in the days leading up to the January 20 presidential inauguration of President-elect Joe Biden. (Photo by SETH HERALD / AFP) (Photo by SETH HERALD/AFP via Getty Images)
PHOTO: Seth Herald/AFP/Getty Images
Now playing
04:37
Expert: Social media to extremism is like oxygen to fire
PHOTO: @Virgin_Orbit
Now playing
01:03
Watch this rocket launch from the wing of a jumbo jet
WASHINGTON, DC - JUNE 22: Facebook
WASHINGTON, DC - JUNE 22: Facebook's Chief Operating Officer Sheryl Sandberg speaks with AEI president Arthur C. Brooks during a public conversation on Facebook's work on 'breakthrough innovations that seek to open up the world' at The American Enterprise Institute for Public Policy Research on June 22, 2016 in Washington, DC. (Photo by Allison Shelley/Getty Images)
PHOTO: Allison Shelley/Getty Images North America/Getty Images
Now playing
01:23
Hear Sandberg downplay Facebook's role in the Capitol riots
Passengers look out at American Airlines flight 718, a Boeing 737 Max, parked at its gate at Miami International Airport as people load for the flight to New York on December 29, 2020 in Miami, Florida. The Boeing 737 Max flew its first commercial flight since the aircraft was allowed to return to service nearly two years after being grounded worldwide following a pair of separate crashes. (Photo by Joe Raedle/Getty Images)
Passengers look out at American Airlines flight 718, a Boeing 737 Max, parked at its gate at Miami International Airport as people load for the flight to New York on December 29, 2020 in Miami, Florida. The Boeing 737 Max flew its first commercial flight since the aircraft was allowed to return to service nearly two years after being grounded worldwide following a pair of separate crashes. (Photo by Joe Raedle/Getty Images)
PHOTO: Joe Raedle/Getty Images
Now playing
03:15
Airlines & TSA boost security ahead of Inauguration
Philanthropist Chief Executive Officer of Las Vegas Sands Sheldon Adelson listens to US President Donald Trump address to the Israeli American Council National Summit 2019 at the Diplomat Beach Resort in Hollywood, Florida on December 7, 2019. (Photo by MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty Images)
Philanthropist Chief Executive Officer of Las Vegas Sands Sheldon Adelson listens to US President Donald Trump address to the Israeli American Council National Summit 2019 at the Diplomat Beach Resort in Hollywood, Florida on December 7, 2019. (Photo by MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty Images)
PHOTO: Mandel Ngan/AFP/Getty Images
Now playing
03:14
Major GOP donor and casino magnate Sheldon Adelson dies
(CNN Business) —  

Happy Friday. A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here.

SoftBank said in a statement Friday that Tadashi Yanai, the billionaire founder of Fast Retailing, would step down from its board at the end of the year.

Why it matters: Yanai has been on the company’s board for 18 years, and is reported to be one of SoftBank CEO Masayoshi Son’s closest advisers.

Yanai was also able to question some of the investment decisions made by Son, who has come under fire in recent months after his huge bet on WeWork went south.

During SoftBank’s most recent earnings call in November, Son said that Yanai was a “challenging guy” who “always gives me a hard time.”

The context: Son and SoftBank pumped millions of dollars into WeWork, only to see it scrap a highly anticipated initial public offering after investors questioned the office-sharing startup’s sky-high valuation and management practices.

SoftBank (SFTBF) ended up bailing out WeWork with a $9.5 billion rescue plan that valued the company at $8 billion, far lower than its peak of $47 billion.

The worry: Yanai’s departure leaves SoftBank with only two independent directors: Masami Iijima, chairman of the conglomerate Mitsui, and University of Tokyo professor Yutaka Matsuo.

Investors will now ask whether Son has the right mix of personnel on his board.

Even more records

There’s no doubt: US stocks are ending the year on a high note.

The three main US stock indexes closed at new records on Thursday on continued optimism over a US-China trade deal and positive reports on holiday shopping.

The Nasdaq gained 0.8% to finish above 9,000 points for the first time ever. The tech-heavy index has gained 36% in 2019, putting it on track for its best year since 2013.

Many analysts think the bull market has more room to run. Capital Economics, for example, predicts the S&P 500 will end next year at 3,300 points and 2021 at 3,500.

There are, of course, significant risks. According to my CNN Business colleague Anneken Tappe, one of the biggest fears on Wall Street is trade. She writes:

China and the United States are inching closer to signing a preliminary deal, but many investors remain skeptical following the carrot-and-stick approach on the trade this year.

Washington and Beijing have only agreed to a “phase one” deal so far. Even once this agreement is signed, a full-blown deal still needs to be negotiated. And with more trade talks come a prolonged risk of negative headlines and renewed tariff threats.

An escalation of the trade war could lead to significant economic harm, particularly hurting business spending and employment, economists at Morgan Stanley wrote in a recent analyst note.

Other potential stumbling blocks: America has just threatened more import tariffs on its European partners. The question of auto tariffs on Germany, for example, will continue to loom next year.

President Donald Trump also renewed the threat of steel and aluminum tariffs on Brazil and Argentina at the start of December.

Up next

The EIA will report crude oil inventories data at 11:00 a.m. ET.

Other than that, enjoy your weekend.