Wework Delay: Week Softbank and Offering Valuation

wework delay: Last week Softbank was reportedly urging WeWork, or the We Company as it is now known, to postpone its offering, according to The Guardian. Valuation of the company dropped to around 5bn- 10bn, less than a quarter of the 47bn originally envisioned. The WeWork delay saves Softbank, the brainchild of Japanese billionaire Masayoshi Son, from having to write down the value of its 10.65bn investment in WeWork through its Saudi-backed Vision Fund. According to the Wall Street Journal, WeWork is expected to wait until mid-October at the earliest to start its investor roadshow. WeWork is in a bind it must launch its IPO by the end of the year if it is to qualify for the 6bn loan it needs to fund an aggressive expansion program. Softbank, its largest investor, reportedly wants the share offering pushed back further. (news.financializer.com). As reported in the news.