Reports: Softbank Cuts Back on Planned WeWork Investment
WeWork’s premier backer intended to invest $15 to $20 billion to become the co-working company’s majority stakeholder. Instead, Softbank now plans to invest $2 billion, the Financial Times first reported
Founded in 2010, WeWork operates 300 co-working locations globally. WeWork reported $1.25 billion in revenues for the first three quarters of 2018 and a net loss of $1.22 billion. SoftBank has invested $4.4 billion into the company in 2017, and an additional $1 billion in August 2018.