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Courtesy of WeWork

WeWork has raised $3 billion in funding from SoftBank, for a mix of primary and secondary shares and with funds from both SoftBank's balance sheet and new Vision Fund, the companies announced on Thursday. This investment comes at the heels of previously disclosed investments into WeWork's expansion in China, Japan, and Southeast Asia, for a total of $4.4 billion.

WeWork declined to disclose the new valuation, a recent legal filing shows a sale of Series G preferred stock for $57.90, or $20 billion in valuation. However, a source tells Axios that the deal values WeWork at $17 billion pre-money (and under $20 billion post), likely because of the mix of primary and secondary shares.

SoftBank had long been rumored to be investing into WeWork, which has lofty ambitions to add new lines of business and grow its urban residential buildings. SoftBank has also been making secondaries a part of the deals it's been inking recently. Axios's Dan Primack has noted this is usually welcomed by investors whose money is tied up in investments much longer these days.

The story has been updated with more information about WeWork's valuation.

Go deeper

8 hours ago - Health

FDA advisory panel recommends Pfizer boosters for those 65 and older

A healthcare worker prepares a dose of the Pfizer-BioNTech Covid-19 vaccine at the Key Biscayne Community Center on Aug. 24, 2021. Photo: Eva Marie Uzcategui/Bloomberg via Getty Images

A key Food and Drug Administration advisory panel on Friday overwhelmingly voted against recommending Pfizer vaccine booster shots for younger Americans, but unanimously recommended approving the third shots for individuals 65 and older, as well as those at high-risk of severe COVID-19.

Why it matters: While the votes are non-binding, and the FDA must still make a final decision, Friday's move pours cold water on the Biden administration's plan to begin administering boosters to most individuals who received the Pfizer vaccine later this month.

9 hours ago - World

France recalls ambassadors from U.S. and Australia over submarine deal

Secretary of State Antony Blinken (L), French Foreign Minister Jean-Yves Le Drian (C), and French ambassador to the U.S. Philippe Etienne. Photo: Nicholas Kamm/AFP via Getty Images

France has taken the extraordinary step of recalling its ambassadors to the U.S. and Australia after both countries blindsided their French allies with a new military pact and submarine contract, the French Foreign Ministry announced on Friday.

The backstory: While sealing an agreement with the U.S. and U.K. to acquire nuclear submarines, Australia ripped up an existing $90 billion submarine deal with France. That led senior French officials to accuse the U.S. of a "stab in the back."

Updated 9 hours ago - World

In reversal, Pentagon now says drone strike killed 10 Afghan civilians

Caskets for the dead are carried towards the gravesite as relatives and friends attend a mass funeral for members of a family that is said to have been killed in a U.S. drone airstrike, in Kabul on Aug. 30. Photo: Marcus Yam/Los Angeles Times via Getty Images

A U.S. drone strike launched on Aug. 29 killed 10 civilians in Afghanistan, including seven children, rather than the Islamic State extremists the Biden administration claimed it targeted, the Pentagon said Friday.

Why it matters: U.S. Central Command said at the time that officials "know" the drone strike "disrupted an imminent ISIS-K threat" to Kabul's airport, and that they were "confident we successfully hit the target."