WeWork, the cash-strapped co-working company whose initial public offering failed, can be salvaged and SoftBank Group Corp., which offered the company a lifeline in exchange for majority ownership, has a plan to fix it.
“Time will take care of things,” SoftBank founder Masayoshi Son said during an earnings briefing on Wednesday, during which he attempted to put a silver lining on the mess his company is now on the hook for. WeWork’s new offices, with their low occupancy rates, are like apples that aren’t ready to be eaten. “We’ll make money once they’re allowed to ripen,” he said.
