WeWork aims to become profitable in 2021 globally: CEO
NEW DELHI: Co-working major WeWork will focus on achieving profitable growth globally, including in India, in 2021 by increasing the occupancy level of its real estate portfolio, the company’s CEO Sandeep Mathrani said. Further, Softbank backed-WeWork will revisit its plan to launch an initial public issue (IPO) only after it becomes profitable, said Mathrani, who […]
WeWork sells control of China unit; says unit got $200 million in funding
U.S. office-sharing firm WeWork on Thursday said it will sell control of its China division to one of its investors – private equity firm Trustbridge Partners – as it steps back from a competitive market where it has suffered low-occupancy rates. The deal effectively offloads the China unit away from the parent, which has faced […]
WeWork accepts SoftBank’s bailout plan valuing at $8 billion: Source
NEW YORK: Japan-based SoftBank will take control of WeWork in a bailout plan that will see the office-sharing startup’s co-founder Adam Neumann exit the board, a person close to the matter said Tuesday. SoftBank, which already holds 29 percent of WeWork, will invest at least USD 5 billion more, the source said. About USD 1.7 […]
SoftBank to invest over $10 billion to take over WeWork
SoftBank Group agreed to spend more than $10 billion to take over WeWork on Tuesday, doubling down on an ill-fated investment and giving a near $1.7 billion payoff to the U.S. office-space sharing startup’s co-founder Adam Neumann to relinquish control. The deal represents a stunning reversal of fortune for WeWork as well as its largest […]
Embattled WeWork CEO Adam Neumann stepping down
NEW YORK: WeWork co-founder Adam Neumann said Tuesday he is stepping down as CEO of the office sharing startup, calling the increased scrutiny he faced in recent weeks “a significant distraction.” Neumann’s announcement, which confirmed earlier AFP reporting, comes as the startup faces questions over its governance and profit outlook that have clouded its prospects […]
WeWork wanted Ashton Kutcher and Martin Scorsese for video deals
BY: Ellen Huet For the past two years, WeWork Cos. has spent more than $40 million to host a series of startup pitch competitions around the world. The real estate company asks contestants to pitch apps or creative projects to celebrity panels of judges and compete for cash prizes, in between musical performances from the […]
WeWork seeks $6 billion financing, contingent on IPO success
BY: Gillian Tan WeWork Cos. is setting up $6 billion in financing to pursue its global ambitions, but there’s an unusual catch: It must first succeed in its initial public offering next month. The company has been meeting with analysts this week, outlining its business and plans for expansion as it prepares for a stock-market […]
SoftBank plans to invest $2 billion more in WeWork
BY: Shira Ovide Two people believe fervently, wholeheartedly in WeWork Cos., which leases real estate to commercial tenants and also bathes in self-parody. They are Adam Neumann, WeWork’s co-founder and CEO, and Masayoshi Son, the boss of SoftBank Group Corp. Let those two have each other. The rest of us should get on with our […]