But as WeWork filed for its IPO, it became clear that it was just weeks away from bankruptcy and its business model was flawed. SoftBank injected another US$3.5 billion into WeWork after the IPO was cancelled. As corporate needs change, flexible space providers such as WeWork can accommodate more or fewer people at the head office. WeWork lost US$3.83 billion last year — almost as much as the US$3.78 billion it lost a year earlier. WeWork told investors last week that this will be slashed by half to -US$900 million this year.

Source: The Edge Markets April 14, 2021 09:11 UTC