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WeWork co-founder and CEO Adam Neumann. Photo by Kelly Sullivan/Getty Images.

WeWork this morning told bond investors that it has raised $3 billion in new funding from SoftBank, at the same terms as a $1 billion convertible preferred financing infusion from August (i.e., minimum conversion value of $42 billion).

Bottom line: This is from SoftBank corporate, not from SoftBank Vision Fund (which remains an existing investor). No word on earlier reports that Vision Fund is negotiating for a majority stake in WeWork, although we subsequently heard that WeWork had taken control off the table.

  • WeWork ended September with around $6.4 billion of pro forma cash ($5b at parent).
  • Q3 revenue was $482 million (vs. $241m from year-earlier), community-adjusted EBITDA was $121 million ($65m), and net loss was $497 million (some of which gets attributed to Asia partners).
  • Expectations are that WeWork will open more desks in Q4 than it did in all of 2017, and also more than in Q2 and Q3 combined.

Go deeper

China deems all cryptocurrency transactions illegal

A person walking past China's central bank in Beijing in August 2007. Photo: Teh Eng Koon/AFP via Getty Images

China's central bank declared on Friday that all cryptocurrencies are illegal, banning crypto-related transactions and cryptocurrency mining, according to Reuters.

Why it matters: China's government is now following through with its goal of cracking down on unofficial virtual currencies, which it has said are a financial, social and national security risk and a contributor to global warming.

Biden's big bet backfires

Two key dealmakers — Sen. Joe Manchin (D-W.Va.) and Sen. Mark Warner (D-Va.) — leave a luncheon in the Capitol yesterday. Photo: Kent Nishimura/L.A. Times via Getty Images

President Biden bit off too much, too fast in trying to ram through what would be the largest social expansion in American history, top Democrats privately say.

Why it matters: At the time Biden proposed it, he had his mind set on a transformational accomplishment that would put him in the pantheon of FDR and JFK.

Biden sinks in swing districts

Photo: Biden speaks about wild fires and climate change in Sacramento on September 13, 2021. Photo: Brendan Smialowski/ AFP via Getty Images

Sudden doubts about President Biden's competence — on Afghanistan, immigration and COVID — are driving double-digit drops in his approval in private polling in swing House seats, The Cook Political Report's Amy Walter writes.

Why it matters: "[T]hese early mistakes go directly to the very rationale of his presidency; that it would be low drama and high competence."