WeWork is hoping investors will help it go public at a valuation of $9 billion including debt, according to the Financial Times.
As part of the deal, SoftBank will also reportedly buy about $500 million of WeWork stock from Adam Neumann, and give him $50 million for legal fees.
Adam Neumann, co-founder of WeWork, is nearing a settlement in a legal dispute with SoftBank, WeWork’s owner. Neumann could reap almost $US500 million in cash and remain a major shareholder. The deal could lead to WeWork trying again to go public, following its failed IPO in 2019. Visit the Business […]
The potential deal between Adam Neumann and Softbank, WeWork's owner, could pave the way for WeWork to try again for a public listing.
WeWork has its eye on going public via a SPAC merger, The Wall Street Journal reported on Thursday. The office-sharing company could seek a valuation of up to $US10 billion, according to the report. WeWork had a peak valuation of $US47 billion in 2019 following a funding round led by […]
David Gibson of Astris Advisory Japan told CNBC on Thursday Softbank will reap a roughly $US10 billion profit from its investment in DoorDash’s IPO . “That offsets the disaster of WeWork only a few quarters ago,” the chief investment advisor said. Softbank lost at least $US4.7 billion last year by […]
Reeves Wiedeman is a business journalist whose work has been featured in New York Magazine, the New Yorker, Rolling Stone and other major publications. The following is an excerpt from his new book, “Billion Dollar Loser: The Epic Rise and Spectacular Fall of Adam Neumann and WeWork.” In it, Wiedeman […]
Ousted WeWork CEO Adam Neumann is no longer a billionaire, according to Bloomberg. The cofounder and former executive is now worth an estimated $US450 million after SoftBank abandoned its deal to buy $US3 billion worth of WeWork stock. The deal had included buying nearly $US1 billion in shares from Neumann. […]
SoftBank could walk away from part of its WeWork bailout, the Wall Street Journal reported Tuesday. In a notice to WeWork shareholders, the Japanese investor said regulatory inquiries into WeWork could be justification to back out of a deal to repurchase $US3 billion of WeWork shares. If SoftBank didn’t execute […]
A fresh round of layoffs at WeWork could reportedly affect over 1,000 staff. According to anonymous sources cited by the Financial Times, WeWork CEO Sandeep Mathrani is mulling new cuts to curb the embattled workspace provider’s spending. The cuts could reportedly happen in the next two to three months. As […]
2019 was a tough year for unicorn startups – privately held companies valued at more than $US1 billion – going public through an initial public offering process. Though the first half of the year was strong for IPOs, “investors got really turned off” after big disappointments from companies like Uber […]
After WeWork’s troubling year, Softbank might come out on top in the end now that’s it has control of the office leasing company, according to AllianceBernstein analyst Chris Lane. “We suspect SoftBank will have the last laugh when they bring the company back to market in a few years – […]
WeWork Chairman Marcelo Claure shared his pasta-tasting outing at a high-end New York City restaurant on social media a day after the embattled startup began massive layoffs. Marcelo, who was formerly chief operating officer, was installed as executive chairman to oversee the company’s turnaround. Visit Business Insider’s homepage for more […]
WeWork might be costing the Japanese conglomerate nearly $US2.8 billion worth of loans. Nikkei Asian Review, citing people familiar, said that two of Japan’s biggest banks are considering turning down loan requests to SoftBank if the money is being used to prop up WeWork. SoftBank often went to these banks […]
Former WeWork CEOAdam Neumann retains the right to name directors to its board, even after being ousted from the troubled coworking company,Fast Company reported Monday. As part of his exit agreement with WeWork, Neumann can name a director and a board observer while the company remains private and two more […]
WeWork is still waiting for a big chunk of the $US9.5 billion bailout it agreed with SoftBank, according to The Real Deal. SoftBank has postponed a $US3 billion tender offer scheduled to begin by Wednesday, the real-estate news outlet reported, citing unnamed sources. The holdup is causing “lots of anxiety,” […]
WeWork revealed mushrooming losses and dwindling cash reserves in its third-quarter earnings on Thursday. The coworking startup’s net loss ballooned by more than 150% to $US1.25 billion, and its available cash shrunk by around 40% in three months to about $US1.3 billion. The worrying figures support SoftBank’s decision to slash […]
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