Live Update 
From the Liveblog of
Tuesday, October 22, 2019
From the Liveblog of
Tuesday, October 22, 2019
WeWork accepts SoftBank bailout plan valuing WeWork at $8 billion — source
Add ToI as a Preferred Source on GoogleNEW YORK — Japan-based SoftBank will take control of WeWork in a bailout plan that will see the office-sharing startup’s co-founder Adam Neumann exit the board, a person close to the matter says.
SoftBank, which already holds 29 percent of WeWork, will invest at least $5 billion more, the source says today. About $1.7 billion will go to Neumann, who will step down.
The deal values WeWork at about $8 billion, a far cry from the $47 billion at the start of the year and a fraction of the sum envisioned in an initial public offering that was abandoned last month.
— AFP
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