Tuesday, 22 Sep 2020

WeWork gets new $1.1 billion commitment from SoftBank, cuts burn rate

NEW YORK (Reuters) – The We Company, owner of WeWork, told employees on Thursday that it cut its cash burn rate almost in half to $671 million from the end of last year and obtained a $1.1 billion commitment in new financing from majority owner SoftBank (9984.T).

WeWork said in an e-mail to employees discussing its second-quarter results that it continues to execute on its five-year plan and it has $4.1 billion in cash and unfunded cash commitments, including the new SoftBank funds.

The e-mail was seen by Reuters.

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