SoftBank has made a $5 billion debt financing offer to keep WeWork afloat. The deal would make the Japanese technology conglomerate the majority owner of the U.S. office-space sharing company
) offered close to $10 billion to WeWork owner The We Company, its employees and its investors on Monday under a plan to keep the struggling U.S. office-space sharing start-up afloat that would lead to the exit of its co-founder and Chairman Adam Neumann, people familiar with the matter said.
SoftBank has offered $5 billion in new money to WeWork in the form of debt, the sources said. It is also proposing to accelerate a previous $1.5 billion equity commitment to WeWork in the form of warrants that are due in April, the sources added. SoftBank and its $100 billion Vision Fund already own about a third of WeWork through previous investments totaling $10.6 billion.
One is Bruce Dunlevie, who is a general partner at WeWork shareholder Benchmark Capital. The other is Lew Frankfort, who is the former CEO of luxury handbag maker Coach. The We Company’s board has also agreed on a cost-cutting plan that includes layoffs, Reuters reported last week. The cuts will occur over the coming weeks, the sources added.Neumann’s exit from The We Company’s board would represent a dramatic fall from grace, given Wall Street’s expectations earlier this year that he would lead one of corporate America’s most hotly anticipated stock market debuts.
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SoftBank to take control of WeWork: SourcesSoftBank will take control of embattled WeWork and provide $4-5 billion in new funding, sources say. The deal would aim to help WeWork get back on track and reach profitability.
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SoftBank is planning on paying Adam Neumann $200 million to step aside if it takes over WeWorkSoftBank would pay Neumann $200 million. In return, he'd leave WeWork's board, give up his voting shares — and reportedly back SoftBank's bid.
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New WeWork financials show growing debt in its international unit - Business Insider
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WeWork will soon weigh last-ditch financing optionsWeWork is said to be weighing last-ditch financing options this week to avoid running out of money after a disastrous attempt at an IPO
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JP Morgan is at risk of losing big on its WeWork bet, a major potential blow to CEO Jamie DimonJP Morgan's investments in WeWork are at risk, and the bank is losing out on many millions of dollars in fees that would've come from leading the IPO.
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