SoftBank to Commit Billions Towards WeWork

August 16, 2020

WeWork’s trials and tribulations are eye-catching, to say the least. Recently, SoftBank, the Japanese backer of the flexible workspace aggregator startup, has recanted its offer to buy up to $3 billion of WeWork’s shares, which would have been a much-needed reprieve for WeWork. 

Though this was a blow for the company, SoftBank has come back to say it will be committing $1.1 billion in new financing towards WeWork to help the company regain its former glory. 

 Kimberly Ross, WeWork’s CFO, said:

“The numbers illustrate that similar to virtually every company around the world, COVID-19 has had an impact on our business. However, they also show our five-year plan in action.”

So, the money isn’t coming without substantial evidence that WeWork can survive COVID and thrive in a post-pandemic market. Still, WeWork has held on this long. 

SoftBank has made a number of moves outside of finances to prove its dedication to WeWork. We reported that SoftBank had placed some of its own into the WeWork Board of Members, further supporting the startup and aiding in its new CEO's vote of confidence

August 16, 2020
Victoria has been writing about property portals and marketplace sites for Online Marketplaces for over 3 years. She is also our resident artist and is responsible for all of the infographic content on the site.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Hemnet Building With Logo Editado
​Hemnet Delivers Strong Q1 Results Amidst Product Innovation and Market Momentum​

Sweden's leading property portal, Hemnet, has reported impressive financial results for the first quarter of 2025, showcasing the robust growth...

Read More
Product Update 2025Apr25 1
Product and Services Roundup: Loopnet, Finn.no, REA Group, Rightmove, Housing.com, AtHome.jp

This week's Product Roundup is flush with some of the biggest names in global real estate. We'll start in Europe,...

Read More
Offerpad Opendoor Stock 2
American iBuyers Opendoor and Offerpad Both Face Delisting From Stock Exchange

U.S.-based iBuying firm Offerpad has received a notice from the New York Stock Exchange regarding non-compliance with continued listing standards....

Read More
Untitled Design 9 3
Zillow Begins Rolling Back its Two-Tab Search Experience

Zillow has begun rolling out a major update to its search experience, moving away from a rule it once implemented...

Read More

Editor's Pick