Adam Neumann of WeWork and Victor Fung Kwok-king, right, chairman of Fung Group, attend a signing ceremony at WeWork’s Weihai Road location on April 12, 2018 in Shanghai, China. Jackal Pan | Visual China Group | Getty Images Adam Neumann has submitted an unsolicited bid in excess of $500 million to acquire WeWork out of … Read more
Billionaire Masayoshi Son, chairman and chief executive officer of SoftBank, which owns Arm, speaks during a news conference in Tokyo, July 28, 2016. Tomohiro Ohsumi | Bloomberg | Getty Images Masayoshi Son’s SoftBank made more in Arm’s after-hours trading on Wednesday than the total amount the company lost from its disastrous bet on now-bankrupt WeWork. … Read more
TOKYO — Japanese technology company SoftBank Group Corp. racked up a huge loss in the July-September quarter as its technology investments, most notably office-sharing company WeWork, went sour. Tokyo-based SoftBank loss totaled 931 billion yen ($6.2 billion) in the last quarter, a reversal from the 3 trillion yen profit it posted in the same period … Read more
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Co-working office space provider WeWork has filed for bankruptcy covering its locations in the US and Canada, and in a filing, it said it had liabilities of between $10 and $50 billion. It’s the latest turn for a company that went from being valued at $47 billion in January 2019 to unsuccessfully attempting an IPO … Read more
WeWork has filed for bankruptcy. The move comes as the company is squeezed by mounting debts, high interest rates, and an increasing number of people working from home. WeWork filed for Chapter 11 protections, the company announced Monday night. The process allows a company to continue operating as it reorganizes. WeWork locations overall will remain … Read more
WeWork could file for bankruptcy as early as next week, according to Reuters and the Wall Street Journal. Frankly, we are not surprised at this result for the former venture darling. WeWork’s shares were down 49.7% in early morning trading on Wednesday, bringing its market capitalization to just $61 million. That’s a ludicrous drop considering … Read more
WeWork is on the verge of filing for Chapter 11 bankruptcy in New Jersey, according to sources cited by The Wall Street Journal. If WeWork does indeed file, it shouldn’t come as a shock to close followers of the flexible workspace provider. WeWork warned in August in its second-quarter earnings that “substantial doubt exists about the … Read more
Welcome, pals, to TechCrunch’s Week in Evaluation (WiR), the publication the place we recap the week that was in tech. For these new to WiR, consider it as a digest of tales and items that topped the charts over the previous 5 days or so. On this week’s version of WiR, we cowl researchers determining … Read more
WeWork has launched its second quarter earnings for this yr. They don’t seem to be nice. The coworking house firm reported a $397 million internet loss on Tuesday, sending its inventory plummeting by over 20 p.c. WeWork’s loss could sound stunning, but it surely’s truly an enchancment over its abysmal outcomes from the identical time … Read more