Softbank’s second Vision fund hit by failed Wework IPO October 4, 2019 Softbank founder and chief executive Masayoshi Son is struggling to raise money for a second technology investment fund following the failed public offering of office space provider Wework. Son is preparing to go-ahead with the Vision Fund 2, despite advice to delay, according to Reuters. However, the fund is likely to be smaller than the [...]
Wework delays IPO plans amid investor caution September 17, 2019 Wework has pushed back plans for its highly-anticipated initial public offering (IPO) amid cooling investor appetite. Following a number of setbacks over its ambitions to go public, the fast-rising parent owner of real estate group Wework is expected to postpone its listing until the end of the year. Read more: Wework considers cutting founder’s voting [...]
Wework confirms it will withdraw IPO filing amid investor apathy September 30, 2019 Wework today confirmed it will withdraw its initial public offering (IPO) filing after it was forced to push back plans for its troubled float. Read more: Wework sells former CEO Adam Neumann’s $60m private jet The coworking firm last week announced that Adam Neumann would step down as chief executive following a frosty reception from [...]
Wework considers cutting its listing valuation by half September 5, 2019 Wework’s parent company is considering dramatically slashing the valuation it will seek when it sells shares on the public stock market for the first time. Read more: Wework adds woman to board after criticism ahead of listing New York-based the We Company is deliberating seeking a valuation of just over $20bn (£16.2bn), people with knowledge [...]
T-Mobile USA boss John Legere to step down as he denies Wework rumours November 18, 2019 John Legere will step down from his role as chief executive of T-Mobile in the US next year, and will be replaced by current chief operating officer Mike Sievert. The departure of the outspoken telecoms boss comes amid frantic speculation that he could be linked with the top job at Wework. However, Legere has since [...]
Wework downgraded by Fitch after IPO troubles leave hole in finances October 2, 2019 Global ratings agency Fitch has downgraded WeWork’s credit rating two notches to “CCC+”, pushing the office space giant into junk territory following the official withdrawing of its initial public offering (IPO) filing. Wework had hoped to raise at least $3bn (£2.4bn) from the floatation as well as borrowing a further $6bn in a loan contingent [...]
NatWest refuses to jump on the crypto bandwagon amid money laundering charges April 26, 2021 NatWest’s reluctance to enter the crypto market should be seen as out of step with the wider financial services ecosystem, according to a leading London lawyer. Earlier this week, the bank said it has ‘no appetite’ to serve business customers which accept cryptocurrency, as the bank is taking a ‘cautious approach’ following recent money laundering [...]
Softbank urges Wework to halt float amid investor doubts September 10, 2019 Wework’s largest shareholder Softbank is said to be urging the shared office space provider to shelve its initial public offering (IPO) due to a frosty reception from potential investors. The Japanese conglomerate has put pressure on Wework bosses to postpone the eagerly-anticipated listing following criticism of the firm’s governance, executive pay and complicated structure, the [...]
Goldman Sachs looks to keep bank on track in disaster with ‘extra Wework space’ October 9, 2019 Goldman Sachs is said to have set up a trading floor in a Wework office in London so the bank can keep operating in case of a disaster. The space comes on top of the US bank’s brand new £1bn, 10-storey HQ in Farringdon, toured by City A.M. Read more: Airbnb hires Morgan Stanley and [...]
Softbank seizes control of Wework in deal netting Adam Neumann $1.7bn October 22, 2019 Softbank has won approval from Wework’s board to take control of the struggling office space company, in a deal that nets co-founder Adam Neumann $1.7bn (£1.3bn) but severs most of his ties with the firm. Neumann will also step down from Wework’s board, the Wall Street Journal reported. Read more: Wework creates committee to mull [...]