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SoftBank’s investment in WeWork to total $10.4 billion

  • January 10, 2019
  • , NIKKEI Business Daily , p. 3
  • JMH Translation

On Jan. 8, WeWork, a U.S. shared-office provider, announced that it had raised an additional $2 billion from the SoftBank Group (SBG). With this, the investment in WeWork by SBG’s Vision Fund now totals $10.4 billion. After the additional investment, WeWork will be valued at $47 billion. The funds raised will be directed at the global expansion [of WeWork’s shared offices] and new projects.

 

WeWork has more than 400 facilities in 27 countries and regions around the world and possesses member data for over 400,000 people. In addition to providing office space, it harnesses data and artificial intelligence (AI) to offer a matching system that connects tenant companies and people. Going forward, it will focus on the fields of lifestyle services and education.

 

Masayoshi Son, SBG chairman and president, commented, “WeWork is bringing about destructive creation through technology.” According to sources, SBG had originally mulled holding the majority of [WeWork’s] shares by making an additional investment of about $16 billion, but it reduced its investment to $2 billion amid the worsening of the market climate as share prices worldwide showed bearish tendencies.

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