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WeWork Rebranding with New SoftBank Commitment
WeWork said Tuesday it would rebrand as the We Company, establishing its WeWork, WeLive and WeGrow platforms as three distinct business lines. The company also announced a $2-billion investment from Japan-based SoftBank, including $1 billion earmarked for share purchases.
However, Bloomberg News reported that SoftBank’s commitment was a step back from the additional $16-billion investment it was considering as of late 2018. In all, SoftBank has invested or committed to invest more than $10 billion in WeWork since 2017.
“Through the extended WeWork network and the Meetup community, The We Company now touches approximately five million people around the world, with the funding to reach millions more,” said CEO Adam Neumann. “We’re driven by the impact we know we can have when we all work together with a shared intention. I am grateful to our employees, members and our incredible partner in SoftBank for their commitment to our mission.”
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