• MILITARY: Brazil-France submarine programme (Graphic DUE Mar 28, 15:00GMT)
  • SPACE: Calls for protected moon sites (Graphic DUE Mar 28, 16:00GMT)
  • ACCIDENT: Why did Baltimore bridge collapse? (Graphic DUE Mar 28, 17:30GMT)
  • For full details of graphics available/in preparation, see Menu -> Planners
 WeWork’s Wert gefallen infographic
Grafik zeigt den Aufstieg und Fall von WeWorks Bewertung und die jüngsten Umsätze und Verluste.
GN39698DE

WIRTSCHAFT

Bewertung von WeWork sinkt unter $5 Milliarden

By Duncan Mil

November 11, 2019 - SoftBank korrigiert seine Bewertung nach dem Rettungsversuch für WeWork auf $4,9 Milliarden, im Januar lag der Wert noch bei $47Milliarden.

In just three months, WeWork fell from being one of the most highly valued startups of all time to losing almost 90 per cent of its value. Along the way, its CEO and co-founder, Adam Neumann, was ousted with a billion-dollar golden parachute.

New York City-based WeWork was founded in 2010 by Neumann and Miguel McKelvey to provide co-working space. The company reached the coveted unicorn status -- a $1 billion valuation -- in November 2013. The involvement of Japanese conglomerate SoftBank in 2017 pushed WeWork’s value to $20 billion with 485 locations worldwide. With Softbank’s continued backing, WeWork’s valuation surged to $47 billion in January 2019.

The train wreck started in September after WeWork’s initial public offering (IPO) failed, and within weeks the company needed a rescue from SoftBank.

Stung by WeWork, SoftBank CEO Masayoshi Son says he now aims to be more cautious about the timings of IPOs. Son, 62, said SoftBank Group’s $100 billion Vision Fund will now look to see companies list when they are closer to turning a profit.

“My investment judgement was poor in many ways,” Son said after SoftBank Group plunged to its first quarterly loss in 14 years last week, adding he had turned a blind eye to problems with WeWork’s Neumann.

SoftBank’s Marcelo Claure is WeWork’s new chairman, tasked with executing a turnaround and reinventing the business of subleasing office space.

Sources
PUBLISHED: 11/11/2019; STORY: Graphic News; PICTURES: Associated Press
Advertisement