WeWork May Run out of Money as Soon as Next Month
They’re currently rushing a $5 billion USD debt package.
WeWork, one of the biggest co-working spaces to date, reportedly might run out of money next month. According to The Financial Times, two insiders have confirmed that the company is rushing a $5 billion USD debt package alongside JPMorgan Chase, who was involved with the company’s failed IPO.
Reports say that WeWork must deliver sufficient cash “no later than the end of November” in order to keep the business running. Bloomberg has stated that SoftBank Group Corp., the co-working space’s largest shareholder, “is currently in advanced talks to acquire more shares at a significantly lower valuation than the $47 billion USD WeWork had in January.”
Last month, WeWork had no choice but to withdraw its initial public offering the week after letting go of its co-founder and CEO Adam Neumann, who reportedly meddled with business finances with his personal money.
Stay tuned as we wait for more details to surface. In other news, did you hear that Forever 21 filed for bankruptcy?