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    HomeNewsBusinessWeWork gets new $1.1 billion commitment from SoftBank

    WeWork gets new $1.1 billion commitment from SoftBank

    The company told employees that it cut its cash burn rate almost in half to $671 million from the end of last year

    Moneycontrol News
    August 14, 2020 / 18:39 IST
    WeWork

    The We Company, owner of WeWork, told employees on August 14 that it cut its cash burn rate almost in half to $671 million from the end of last year and obtained a $1.1 billion (840 million pounds) commitment in new financing from majority owner SoftBank .

    WeWork said in an e-mail to employees discussing its second-quarter results that it continues to execute on its five-year plan and it has $4.1 billion in cash and unfunded cash commitments, including the new SoftBank funds.

    The e-mail was seen by Reuters.

    Moneycontrol News
    first published: Aug 14, 2020 06:39 pm

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