SoftBank to take control of WeWork: Sources

#1

Post by sikim » Mon, Oct 21, 2019, 9:54 PM UTC

SoftBank to take control of WeWork: Sources
cnbc.com

Re: SoftBank to take control of WeWork: Sources

#2

Post by mdorazio » Mon, Oct 21, 2019, 10:36 PM UTC

Better article in [1]. From the unconfirmed report:

- SoftBank to invest $4-5 billion

- Pre-money valuation at $7.5-8 billion

- SoftBank will end the deal with ~70% control of WeWork

- SoftBank's Marcelo Claure to take over as chairman of We

- No confirmed word on additional job cuts, asset sales, or clawbacks from Neumann

[1] https://www.cnbc.com/2019/10/21/softbank-to-take-control-of-...

Re: SoftBank to take control of WeWork: Sources

#3

Post by neural_thing » Mon, Oct 21, 2019, 10:52 PM UTC

This is your annual reminder that Masa Son once lost $70B

Re: SoftBank to take control of WeWork: Sources

#4

Post by arcticbull » Mon, Oct 21, 2019, 10:55 PM UTC

neural_thing wrote: post #3

This is your annual reminder that Masa Son once lost $70B

I suddenly feel better about some of my underperforming assets lol

Re: SoftBank to take control of WeWork: Sources

#5

Post by lasgsf » Mon, Oct 21, 2019, 10:57 PM UTC

Does this mean then all the common are wiped out due to the liq preference that existed before?

Re: SoftBank to take control of WeWork: Sources

#6

Post by semiotagonal » Mon, Oct 21, 2019, 10:59 PM UTC

neural_thing wrote: post #3

This is your annual reminder that Masa Son once lost $70B

I believe Son is underwater on Uber as well, and if Slack falls somewhat below $10, would be eating a loss even there.

https://www.cnbc.com/2019/09/07/uber-wework-and-slack-public...

Re: SoftBank to take control of WeWork: Sources

#7

Post by qeternity » Mon, Oct 21, 2019, 11:03 PM UTC

lasgsf wrote: post #5

Does this mean then all the common are wiped out due to the liq preference that existed before?

Essentially yes. Not wiped out per se, but underwater. If they can grow the business beyond the high water mark, then there’s a shot at getting paid. But I’d say in a best case that’s unlikely.

Re: SoftBank to take control of WeWork: Sources

#8

Post by [deleted] » Mon, Oct 21, 2019, 11:03 PM UTC

semiotagonal wrote: post #6

neural_thing wrote: post #3

This is your annual reminder that Masa Son once lost $70B

I believe Son is underwater on Uber as well, and if Slack falls somewhat below $10, would be eating a loss even there. https://www.cnbc.com/2019/09/07/uber-wework-and-slack-public...

[deleted]

Re: SoftBank to take control of WeWork: Sources

#9

Post by threeseed » Mon, Oct 21, 2019, 11:03 PM UTC

neural_thing wrote: post #3

This is your annual reminder that Masa Son once lost $70B

And is now worth $23B.

So I would assume he knows a little about business.

Re: SoftBank to take control of WeWork: Sources

#10

Post by qeternity » Mon, Oct 21, 2019, 11:05 PM UTC

neural_thing wrote: post #3

This is your annual reminder that Masa Son once lost $70B

What’s this in reference to?