We all are aware about the crisis of WeWork from the moth of September. Keep on reading the article for all the latest updates on the same
WeWork said last week that it has access to billions of dollars in debt, but as of September, the company was losing more than $400 million a month. WeWork’s largest backer, Soft Bank Group Corp, is now threatening to unravel a deal to buy stock from other shareholders.
WeWork’s embattled saga sees no sign of an end. Soft Bank-backed co-working company which has 15,000 employees is likely to let go of 2,000 or 13 per cent of them as early as this week, the Guardian reported. Staff’s said that they don’t believe the layoff will stop there. The company had decided to postpone their IPO after a failed attempt to go public that also led to the ouster of its founder and CEO Adam Neumann.
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Its IPO which was supposed to be among the most celebrated listings on the Wall Street turned into amongst the biggest IPO debacles in recent times. Nor just the company’s corporate governance structure was under scrutiny but also its huge losses and valuation were in question. The company reportedly saw $933 million in 2017 and $1.9 billion in 2018, and $905 million in the first half of 2019 in losses. Its valuation also tanked from $47 billion to below $15 billion in just a few weeks, Washington Post had reported.
It is now expected to hit the public market again in 2020 however at a valuation as little as $10 billion. The company is also in talks with JP Morgan for a cash infusion of around $5 billion, Bloomberg reported, instead of selling a controlling stake to Soft Bank. WeWork is present in 849 open and soon to launch locations in 123 cities globally. Majority locations are in the US, the UK, China, and India.
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