WeWork 's valuation has fallen to $2.9 billion, according to its controlling shareholder,SoftBank .- The workspace company was valued privately at $47 billion last year.
- WeWork's valuation is due in part to the coronavirus pandemic, SoftBank said in its earnings report.
- $4.
WeWork's valuation has fallen to $2.9 billion, its controlling shareholder, SoftBank, said in an $4 on Monday.
The decline from SoftBank's $7.3 billion valuation of the company in December is due in part to the coronavirus pandemic, SoftBank said.
WeWork CEO Sandeep Mathrani $4 at 80% of its locations for April and Pay, and that it has collected rent from 70% of its tenants. While WeWork has kept its offices open, most of WeWork's tenants are unable to make use of the space due to local restrictions on nonessential workers.
The company $4, and is asking employees in more than 800 of its locations to reapply for their jobs under a reorganization effort.
The valuation is a sharp fall from WeWork's private valuation of $47 billion in 2019. Later that year, the company $4 as it delayed its initial public offering.
WeWork declined to comment on SoftBank's valuation.
SoftBank's Vision Fund, which has invested in WeWork, $4. SoftBank CEO Masayoshi Son $4 that he regrets investing in WeWork. "It was foolish of me to invest in WeWork," Son said. "I was wrong."
Former WeWork CEO Adam Neumann, who had $4 including WeLive communal living, $4 on its plan to buy $970 million of his shares in the company. SoftBank said it would "vigorously defend itself against these meritless claims."
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