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Japanese conglomerate SoftBank Group Corp.'s flagship Vision Fund reported another loss with the drop in valuations at WeWork Inc. and other portfolio companies. Peter Elstrom reports on Bloomberg Television.
CNBC's Deirdre Bosa reports on news from SoftBank.
Tech conglomerate and investor SoftBank has lost $14.4 billion so far on WeWork. The office-sharing firm filed for bankruptcy earlier this week.
The most recent high-profile company in distress is WeWork which filed for Chapter 11 protection with about $18.7 billion in liabilities and $15.1 billion in assets.
Co-working spaces are designed for tech startups, not downsizing corporate tenants.
The Japanese tech investor sank deeper into the red as it reported write-downs related to the bankruptcy of office-sharing company and technology shares stayed under pressure.
WeWork's bankruptcy announcement is particularly rosy about its future. The company, founded by Adam Neumann, was once valued at $47 billion.
WeWork (WE) filed for Chapter 11 bankruptcy on Monday, consenting to a restructuring agreement for its investors to pay off $4 billion in debt. The shared workspace company was hit by a massive shift in how and where office workers perform their duties from the COVID-19 pandemic and debates over work-from-home policies.
Court papers reveal Japanese conglomerate transferred money less than a week before office rental group filed for bankruptcy
Before the pandemic, WeWork (WE) was valued at $47 billion, quite the high for a company that just filed for Chapter 11 bankruptcy on Monday. According to Bloomberg, the company's first appearance in bankruptcy court will be on Wednesday, to settle the $4 billion debt it can't afford to pay back.