Deals
WeWork Gets Another $1 Billion From SoftBank
The company also reported rising sales, and rising expenses.
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As WeWork Co.’s co-working business grows, so have its expenses, which means it continues to need cash. Luckily, the startup has a willing partner: SoftBank Group Corp.
The Japanese conglomerate will invest another $1 billion in WeWork in the form of a convertible note, WeWork said Thursday in a discussion of its first-half performance. The New York-based co-working company had $1.9 billion in cash on hand as of June 30 and already raised about $5 billion from SoftBank last summer and earlier this year for its China-focused subsidiary.