WeWork May Run out of Money by Next Month

The company is reportedly rushing out a debt financing package.

By
Tech
32,400 Hypes 14 Comments

Co-working space giant WeWork reportedly must raise cash by “no later than the end of November” in order to stay afloat, much earlier than initial estimates which suggested the company had another six months or so to function at its current spending rates. According to The Financial Times, two people familiar with the situation confirm the company is rushing together a debt financing package alongside JPMorgan Chase, who was involved with the company’s failed IPO.

Bloomberg reports that the debt package currently stands at $5 billion USD and that it will be used entirely to save the company. WeWork in the past few months has filed to withdraw its public offering following the firing of its co-founder and CEO Adam Neumann, as well as reporting on its initial financial standings. Neumann had previously been reported to have mingled business finances with his personal money, and that Softbank, its biggest investors, were determining factors in his firing.

SoftBank CEO Masayoshi Son has since said he is “embarrassed and flustered” by the company’s track record of investments, citing WeWork as one of them.

In other tech news, Selfridges’ year-end financial report further details department store struggles during the retail apocalypse.

Read Full Article
Source
qz

Join Our Discussions on Discord

The HYPEBEAST Discord Server is a community where conversations on cultural topics can be taken further.

822 Users Online

What to Read Next

Stream Casanova's Sophomore Album 'Behind These Scars'
Music

Stream Casanova's Sophomore Album 'Behind These Scars'

Featuring Young Thug, Fabolous, DMX, and more.

BEAUTY & YOUTH Recruits THE NORTH FACE PURPLE LABEL for Mountain-Ready Outerwear
Fashion

BEAUTY & YOUTH Recruits THE NORTH FACE PURPLE LABEL for Mountain-Ready Outerwear

Bolstered by matching shoulder pouches.

Chicago Bulls Revive Pinstripe Jerseys for "Statement Edition"
Sports

Chicago Bulls Revive Pinstripe Jerseys for "Statement Edition"

A nod to the classic uniform.


How Matt McCormick Went from Tattooing Tyler the Creator to Making Fine Art
Arts 

How Matt McCormick Went from Tattooing Tyler the Creator to Making Fine Art

“It’s all based around getting to this place of mental freedom.”

DC Shoes & Butter Goods Launch '90s-Inspired Sneaker & Apparel Collection
Footwear

DC Shoes & Butter Goods Launch '90s-Inspired Sneaker & Apparel Collection

As part of the DC Reserve program.

Tom Hanks and Steven Spielberg Are Developing a World War II Drama for Apple TV+
Entertainment

Tom Hanks and Steven Spielberg Are Developing a World War II Drama for Apple TV+

It will serve as a thematic follow-up to ‘Band of Brothers’ and ‘The Pacific.’

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.