WeWork value plunges to $8 billion as it hemorrhages cash
Published Date: 10/19/2019
Source: axios.com
As WeWork runs out of money, SoftBank Group is orchestrating the company's "rescue financing plan" that could value it below $8 billion, Bloomberg reports.Why it matters: $8 billion is a slim fraction of the $47 billion valuation WeWork gleaned in January from SoftBank. The rescue plan also comes after the office-sharing business slammed the brakes on its IPO, causing company bonds to tumble.Go deeper: The battle over WeWork's IPOEditor's note: This story has been corrected to reflect that WeWork's IPO process is not expected to resume in mid-to-late October.