Documents shown to prospective investors described losses that narrowed from $3.5 billionn in 2019, as WeWork slashed capital expenditure from $2.2 billion in 2019 to just $49 million. High-tech platform pitchTo make up the rest of the $1 billion sought by WeWork, the two sides are aiming to line up institutional investors to secure the deal. WeWork is once again pitching itself to investors not as a conventional bricks and mortar landlord but as a high-tech platform, as it did in 2019. Such financial projections are prohibited in traditional IPO documents but WeWork would not be subject to those restrictions under a merger with a Spac. Under the settlement, SoftBank agreed to buy $1.5 billion of stock from Neumann, earlier WeWork investors including the venture capital firm Benchmark and employees.

Source: The Irish Times March 23, 2021 07:35 UTC