Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ WeWork can run out of money by November without emergency funding

WeWork can run out of money by November without emergency funding

The WeWork workspace firm is set to run out of money by November and investors are trying to save them from bankruptcy, according to International Business Times.

Japanese SoftBank Group Corporation and JP Morgan Chase are working to save WeWork from passing this year by providing emergency funding.

Earlier this month, Charlie Gasparino of FOX Business reported on funding efforts.

The company expects to fire at least 2,000 employees as a result of its failed IPO.

SoftBank owns 29 percent of WeWork, the parent company of WeWork, and has invested $ 1

0.7 billion in business.

Get Fox Business on the Move by Clicking Here

Reports say that WeWork is partial to a $ 5 billion financing package run by JP Morgan instead of selling a controlling stake in SoftBank.

The startup postponed the IPO in September, and its co-founder Adam Neumann resigned as CEO, giving up a majority of his votes. Investor confidence, according to Reuters. [19659003] Click here to read more about FOX Business

Estimates for the company range from about $ 7 billion based on $ 338.4 million in emissions than the $ 47 billion it had in January when SoftBank Group Corp recently invested. The private market also added $ 30 billion to it in June.

Source link