Relevant:
- WeWork rival Knotel is now valued at $500M
- WeWork Hits $20 Billion Valuation In New Funding Round (BESTING BIG REITs)
- For SoftBank, no majority stake in WeWork as it scales down talks from a new $16 billion investment to $2 billion
- "Too Big to Fail" author says WeWork may now be "too big to fail"
- WeWork raises $3bn from SoftBank as losses balloon
2018-04-25 — middletownpress.com
WeWork owes $18 billion in rent. The company has more than 14 million square feet of office space, with suitably massive lease obligations, though WeWork has the option of closing locations if it can't pay those bills. WeWork is burning cash. Revenue from memberships more than doubled last year, to $822 million, but expenses also more than doubled, to $1.81 billion. Net losses came to $934 million, according to Bloomberg.
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The office-leasing startup WeWork plans to raise more funding through a $500 million bond sale, according to the Financial Times. It's the first time the company is raising money from debt investors after it raised billions in venture capital from backers such as SoftBank.
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