Aug 24, 2017

SoftBank invests $3 billion into WeWork

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.

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Mass shooting in Milwaukee: What we know so far

Milwaukee Mayor Tom Barrett in 2012. Photo: John Gress/Corbis via Getty Images

Six people died in a shooting at the Milwaukee Molson Coors brewery complex on Wednesday, including the shooter, Mayor Tom Barrett told reporters at an evening press conference with local police.

What's happening: Police said "there is no active threat" just before 6 pm ET, but noted the scene remains active. Police chief Alfonso Morales told reporters that officers have "more than 20 buildings we have to secure" at the complex and they do not currently have all employees accounted for, as more than 1,000 were at the complex during the shooting.

Go deeperArrowUpdated 25 mins ago - Politics & Policy

Live updates: CDC confirms possible community spread of coronavirus

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

U.S. clinicians have found the novel coronavirus in a person who did not recently return from a foreign country nor have contact with a confirmed case, the CDC said Tuesday.

The big picture: COVID-19 has killed more than 2,700 people and infected over 81,000 others. By Wednesday morning, South Korea had the most cases outside China, with 1,261 infections. Europe's biggest outbreak is in Italy, where 374 cases have been confirmed.

Go deeperArrowUpdated 41 mins ago - Health

Trump assigns Pence to lead U.S. coronavirus response

Photo: ANDREW CABALLERO-REYNOLDS/AFP via Getty Images

President Trump announced at a press briefing Wednesday evening that he'll be putting Vice President Mike Pence in charge of leading the administration's response to the coronavirus.

The big picture: In the wake of a market sell-off and warnings from health officials that there's a real threat of the coronavirus spreading in the U.S., Trump sought to reassure the nation and Wall Street that the U.S. is "ready" for whatever comes next.

Go deeperArrowUpdated 2 hours ago - Politics & Policy