Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Axios
Axios
Business
Axios

WeWork value plunges to $8 billion as it hemorrhages cash

Illustration: Aïda Amer/Axios

As WeWork runs out of money, SoftBank Group is orchestrating the company's "rescue financing plan" that could value it below $8 billion, Bloomberg reports.

Why it matters: $8 billion is a slim fraction of the $47 billion valuation WeWork gleaned in January from SoftBank. The rescue plan also comes after the office-sharing business slammed the brakes on its IPO, causing company bonds to tumble.

Go deeper: The battle over WeWork's IPO

Editor's note: This story has been corrected to reflect that WeWork's IPO process is not expected to resume in mid-to-late October.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Forget blue light blocking for better sleep — this is the hidden iPhone feature to use instead
This hidden gem iPhone feature turns my phone from a carnival of excitement to an absolute snoozefest. Here's how to do it.
Tom’s Guide
Tom’s Guide
Florida woman ghosts her date after a nightmare meetup. A week later, he sent her something she’ll never forget
A first date going wrong are nothing new. But this Florida woman’s experience proves that sometimes, a person’s true character comes out days after the bill is paid. 
The Mary Sue
The Mary Sue
Rescue group in Las Vegas tries to catch a toucan that escaped its owner before it's too late
The life of a toucan seen flying around the Las Vegas desert is at risk unless it can be captured soon
The Independent UK
The Independent UK
‘Im too scared’: Texas woman orders Sausage McGriddles at McDonald’s — only to find teeth fragments in her breakfast
It’s not unusual to have a weird food experience at a food joint in the United States. Sometimes, you may find something missing, while other times you may find something that doesn’t belong. In the case of user @kai_michelle24 on TikTok, who is from Texas, unfortunately, it’s the latter. In…
The Mary Sue
The Mary Sue
Even Fox News hosts struggling to make sense of RFK Jr’s and Kid Rock’s workout video
‘Listen, somebody needs to tell RFK Jr. it’s okay to wear shorts. I mean, bro, don’t be upset about your legs,’ Fox News military analyst Johnny Jones said
The Independent UK
The Independent UK
NC Parents: Miss Too Many School Days and You Could Face Fines
Waking up to a coughing child with a fever triggers an immediate focus on their health. You naturally keep them home to recover and shield their classmates from germs. However, those recovery days accumulate quickly. Soon, a letter arrives in the mail that feels more like a legal threat than…
Budget and the Bees
Budget and the Bees
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.
Download on the AppStore Get it on Google Play