INSUBCONTINENT EXCLUSIVE:
WeWork, once valued at $47 billion, will be worth as little as $7.5 billion on paper as SoftBank takes control of the struggling co-working
business, CNBC reports.SoftBank, a long-time WeWork investor, plans to invest between $4 billion and $5 billion in exchange for new and
existing shares, according to CNBC
The deal, expected to be announced as soon as tomorrow, represents a lifeline for WeWork, which is said to be mere weeks from running out of
cash and has been shopping several of its assets as it attempts to lessen its cash burn.WeWork declined to comment.To be clear, it is
that is taking control, with SoftBank International chief executive officer Marcelo Claure stepping in to support company management, per
the company and transitioned into a non-executive chairman role, and about three weeks after WeWork decided to delay its highly anticipated
officer, Robin Daniels and several others
Meanwhile, the company has slashed hundreds of jobs, and opted to shut down its school, WeGrow, in 2020.Now expected to go public in 2020,
WeWork was also said to be in negotiations with JPMorgan for a last-minute cash infusion
The company, now a cautionary tale, will surely continue to reduce the sky-high costs of its money-losing operation in the upcoming
Despite financials that showed losses of nearly $1 billion in the six months ending June 30, the company still managed to accumulate a
While our business has never been stronger, in recent weeks, the scrutiny directed toward me has become a significant distraction, and I
have decided that it is in the best interest of the company to step down as chief executive
