Oct 19, 2019 - Economy & Business
WeWork value plunges to $8 billion
As WeWork runs out of money, SoftBank Group is orchestrating the company's "rescue financing plan" that could value it below $8 billion, Bloomberg reports.
Why it matters: $8 billion is a slim fraction of the $47 billion valuation WeWork gleaned in January from SoftBank. The rescue plan also comes after the office-sharing business slammed the brakes on its IPO, causing company bonds to tumble.
Go deeper: The battle over WeWork's IPO
Editor's note: This story has been corrected to reflect that WeWork's IPO process is not expected to resume in mid-to-late October.