WeWork names real estate veteran Sandeep Mathrani as new CEO

• WeWork’s valuation plummeted more than 80% since 2019, forcing it to seek lifeline from its parent company SoftBank Group, according to the WSJ.

Our thought bubble, via Axios' Dan Primack: This is WeWork telling the world that it's a real estate company, not a tech company seeking "to elevate the world's consciousness."

Go deeper:

• SoftBank's fixers
• WeWork sells minority stake in The Wing
• WeWork film to be penned by "The Big Short" screenwriter