- In a meeting with WeWork executives, last Thursday, SoftBank's Masayoshi Son said that he wants the company to become profitable by 2021, according to $4.
- Son reportedly told the executives to find new ways to monetize the hundreds of coworking spaces currently owned by WeWork.
- WeWork's private valuation has plummeted $4 since its failed IPO, creating pressure on the company to cut costs and identify a more sustainable business model.
- $4 reported that the company may lay off more than 4,000 employees as part of its restructuring.
SoftBank CEO Masayoshi Son told a group of WeWork executives in a meeting on Thursday that he wants the company to become profitable by 2021, according to a report from Fast Company's Katrina Brooker>$4.
Son reportedly said he wants WeWork to better monetize the real estate it already owns by offering new products and services, as the company attempts to identify a sustainable business model following its catastrophic attempt at going public.
SoftBank, WeWork's largest investor, recently agreed to rescue the company>$4 through a combination of new financing, stock buybacks, and additional investment. As SoftBank tries to turn WeWork into a profitable company, it has begun exploring new ways to monetize existing office spaces as well as launching a broad cost-cutting effort.
Marcelo Claure, the SoftBank-appointed Chairman of WeWork, told WeWork employees on Monday $4 according to an internal memo obtained by Business Insider. The New York Times reported on Sunday that the job cuts cold affect more than 4,000 employees>$4.
The increased pressure comes as SoftBank cut its valuation>$4 of WeWork by 83% and posted an $8.8 billion investment loss last quarter for its Vision Fund I.
Representatives from WeWork and SoftBank did not immediately respond to a request for comment.