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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

Tony Hsieh, longtime Zappos CEO, dies at 46

Tony Hsieh. Photo: FilmMagic/FilmMagic

Tony Hsieh, the longtime ex-chief executive of Zappos, died on Friday after being injured in a house fire, his lawyer told the Las Vegas Review-Journal. He was 46.

The big picture: Hsieh was known for his unique approach to management, and following the 2008 recession his ongoing investment and efforts to revitalize the downtown Las Vegas area.

Dan Primack, author of Pro Rata
5 hours ago - Economy & Business

The unicorn stampede is coming

Illustration: Annelise Capossela/Axios

Airbnb and DoorDash plan to go public in the next few weeks, capping off a very busy year for IPOs.

What's next: You ain't seen nothing yet.

19 hours ago - World

Maximum pressure campaign escalates with Fakhrizadeh killing

Photo: Fars News Agency via AP

The assassination of Mohsen Fakhrizadeh, the architect of Iran’s military nuclear program, is a new height in the maximum pressure campaign led by the Trump administration and the Netanyahu government against Iran.

Why it matters: It exceeds the capture of the Iranian nuclear archives by the Mossad, and the sabotage in the advanced centrifuge facility in Natanz.