SoftBank Group Corp is planning to pump an extra $1 billion or more into WeWork ...
- SoftBank Group Corp is planning to pump an extra $1 billion or more into WeWork by renegotiating a warrant agreement struck before falling valuations delayed the U.S. office-sharing startup’s IPO, the Financial Times reported.
SoftBank and its Saudi-backed Vision Fund are WeWork’s biggest backers and have already funneled more than $10 billon into the U.S. company, including the promised $1.5 billion. WeWork declined to comment on the report. SoftBank did not immediately respond to a request for comment. WeWork appointed two insiders as co-CEOs and said Neumann will stay on the board as non-executive chairman.In the run-up to the planned IPO, investors questioned WeWork’s corporate governance standards, as well as the sustainability of its business model, which relies on a mix of long-term liabilities and short-term revenue.
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