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WeWork [Josh Kushner]
contemplates listing on public mrkts
at far lower valuation👈
than previously expected,
biggest backer Japan’s SoftBank Group Corp;
bracing 4 potentially staggering loss,
Again 4 KSA
*Inflated startup valuations across Silicon Valley.
latimes.com/business/story…
contemplates listing on public mrkts
at far lower valuation👈
than previously expected,
biggest backer Japan’s SoftBank Group Corp;
bracing 4 potentially staggering loss,
Again 4 KSA
*Inflated startup valuations across Silicon Valley.
latimes.com/business/story…
SoftBank has 29% stake
in We Co, WeWork’s parent,
1 exec said in analyst call Wed,
after company plowed a total of
$10.65 billion N2 startup.👈
The Tokyo conglomerate’s massive stake
is vote of confidence
in unprofitable company,
which lost about $1.61B last yr.
KSA = SoftBank
in We Co, WeWork’s parent,
1 exec said in analyst call Wed,
after company plowed a total of
$10.65 billion N2 startup.👈
The Tokyo conglomerate’s massive stake
is vote of confidence
in unprofitable company,
which lost about $1.61B last yr.
KSA = SoftBank
Perhaps more than any other startup,
WeWork,
has come 2 symbolize
brash investment style of
SoftBank + its $100B Vision Fund,
known 4 making huge bets
on promising but unproven companies,
+ spurring others in industry
2 follow suit 2 compete.
SoftBank = Compass = KSA
WeWork,
has come 2 symbolize
brash investment style of
SoftBank + its $100B Vision Fund,
known 4 making huge bets
on promising but unproven companies,
+ spurring others in industry
2 follow suit 2 compete.
SoftBank = Compass = KSA
Success or failure of
WeWork’s initial public offering
is likely 2B read as
statement on overall standing of SoftBank,
the judgment of its execs
+ its ability 2 raise cash
4 future ventures.
latimes.com/business/story…
WeWork’s initial public offering
is likely 2B read as
statement on overall standing of SoftBank,
the judgment of its execs
+ its ability 2 raise cash
4 future ventures.
latimes.com/business/story…
SoftBank’s big bet already sour?
As WeWork mulls IPO
that would put its worth at
less than half the $47B valuation it had
when SoftBank invest earlier this yr.
WeWork said 2B considering
market debut at just $20-$30 billion.
WeWork IPO
comes at critical time 4 SoftBank.
As WeWork mulls IPO
that would put its worth at
less than half the $47B valuation it had
when SoftBank invest earlier this yr.
WeWork said 2B considering
market debut at just $20-$30 billion.
WeWork IPO
comes at critical time 4 SoftBank.
SoftBank,
trying 2 persuade investors
2 bankroll 2nd,
$108B iteration
of Vision Fund.
Co. is already mopping up
fallout from Uber IPO.
SoftBank put $7.7B N2 Uber,
whose market value promptly fell
after shares listed publicly at $45 in May.
trying 2 persuade investors
2 bankroll 2nd,
$108B iteration
of Vision Fund.
Co. is already mopping up
fallout from Uber IPO.
SoftBank put $7.7B N2 Uber,
whose market value promptly fell
after shares listed publicly at $45 in May.
Uber's value has since fallen
2 about $35,
well below price SoftBank paid
4 part of its stake.
Some staffers at Vision Fund
now concerned WeWork’s valuation
could fall further,
2 even below $20B;
valuation of SoftBank’s original investment
made by Vision Fund
2 about $35,
well below price SoftBank paid
4 part of its stake.
Some staffers at Vision Fund
now concerned WeWork’s valuation
could fall further,
2 even below $20B;
valuation of SoftBank’s original investment
made by Vision Fund
Bc Vision Fund
so exposed 2 WeWork,
it will play substantial role
in comp 4 employees of fund.
People at Vision Fund
R not paid on deal-by-deal basis.
Payouts only when PROFITS R booked📌
including high-profile bankers + investors,
They receive base salaries.
so exposed 2 WeWork,
it will play substantial role
in comp 4 employees of fund.
People at Vision Fund
R not paid on deal-by-deal basis.
Payouts only when PROFITS R booked📌
including high-profile bankers + investors,
They receive base salaries.
Vsion Fund employees
R also on hook 📌
4 potential losses,
facing clawbacks of 20% + above
4 some senior staff,
+ 7% for more junior employees.
Hence, employees have not made
money, + seem 2 have only lost $
due 2 SoftBank mismanagement.
R also on hook 📌
4 potential losses,
facing clawbacks of 20% + above
4 some senior staff,
+ 7% for more junior employees.
Hence, employees have not made
money, + seem 2 have only lost $
due 2 SoftBank mismanagement.
Adam Neumann,
WeWork’s CEO| co-founder,
pledged 2 SoftBank
Chief Executive Masayoshi Son
this yr WeWork would have
valuation of at least $47B
when it goes public.
Again, this article reflects
WeWork value at $20B
latimes.com/business/story…
WeWork’s CEO| co-founder,
pledged 2 SoftBank
Chief Executive Masayoshi Son
this yr WeWork would have
valuation of at least $47B
when it goes public.
Again, this article reflects
WeWork value at $20B
latimes.com/business/story…
Kick-Ball-Change
WeWork 2 We
Name game.
Corp changes.
So much better now, right?
😏
SoftBank?
Wat ur problem?
Only nasty mob people
work w KSA.
Would this mean
SoftBank shady bc
assoc w MbS + KSA?
Yerp!
It has same connotation
as Deutsche Banc
latimes.com/business/story…
WeWork 2 We
Name game.
Corp changes.
So much better now, right?
😏
SoftBank?
Wat ur problem?
Only nasty mob people
work w KSA.
Would this mean
SoftBank shady bc
assoc w MbS + KSA?
Yerp!
It has same connotation
as Deutsche Banc
latimes.com/business/story…
Adam Neumann,
We’s co-founder + chief exec,
flew 2 Tokyo last wk
2 meet one of company’s biggest investors,
SoftBank Group, Chief Exec
Masayoshi Son,
+ members of his team.
There, they discussed possibility
of add'l infusion of capital.😱
~PUNT~
wsj.com/articles/wewor…
We’s co-founder + chief exec,
flew 2 Tokyo last wk
2 meet one of company’s biggest investors,
SoftBank Group, Chief Exec
Masayoshi Son,
+ members of his team.
There, they discussed possibility
of add'l infusion of capital.😱
~PUNT~
wsj.com/articles/wewor…
Among ideas considered
SoftBank 2 serve as anchor investor
in IPO by buying significant portion
of roughly $3B to $4B
company is expected 2 raise.🤣🤣
Execs also discussed whether
SoftBank might invest chunk of money
that would allow We
2 delay its IPO until 2020.
SoftBank 2 serve as anchor investor
in IPO by buying significant portion
of roughly $3B to $4B
company is expected 2 raise.🤣🤣
Execs also discussed whether
SoftBank might invest chunk of money
that would allow We
2 delay its IPO until 2020.
Since We unveiled papers
4 its IPO last mo,
potential investors have raised concerns
w SoftBank + its underwriters
about We’s steep losses.📌
100s of millions of $$
of real-estate deals📌
+ past personal loans📌
involving WeWork + Mr. Neumann.[ichhhhh]
wsj.com/articles/wewor…
4 its IPO last mo,
potential investors have raised concerns
w SoftBank + its underwriters
about We’s steep losses.📌
100s of millions of $$
of real-estate deals📌
+ past personal loans📌
involving WeWork + Mr. Neumann.[ichhhhh]
wsj.com/articles/wewor…
🤦♂️
SoftBank’s
massive bet in
WeWork
emblematic of
Son’s overall apprch.
“Y don’t we go big bang?”
said last yr
when asked about
his investing style;
and added
other venture capitalists
tend 2 think too small.🤦♂️
[Do they bleed money like Son?]
latimes.com/business/story…
SoftBank’s
massive bet in
WeWork
emblematic of
Son’s overall apprch.
“Y don’t we go big bang?”
said last yr
when asked about
his investing style;
and added
other venture capitalists
tend 2 think too small.🤦♂️
[Do they bleed money like Son?]
latimes.com/business/story…
Son's goal
of swaying course of history
by backing potentially world-changing co.s
requires those companies
make lrg outlays in areas
such as customer acquisition;
hiring talent;
research + development
spending tactic he acknow
sometimes brings him N2 conflict
w other investors.
of swaying course of history
by backing potentially world-changing co.s
requires those companies
make lrg outlays in areas
such as customer acquisition;
hiring talent;
research + development
spending tactic he acknow
sometimes brings him N2 conflict
w other investors.
“The other shareholders, they try to create clean, polished little companies.
“And I say:
‘Let’s go rough.
We don’t need 2 polish.
We don’t need efficiency right now.
Let’s make big fight.
Let’s make big, successful;
a big win.’”
[sound familiar?]
It's con-artist speak.
“And I say:
‘Let’s go rough.
We don’t need 2 polish.
We don’t need efficiency right now.
Let’s make big fight.
Let’s make big, successful;
a big win.’”
[sound familiar?]
It's con-artist speak.
Some investors Son comes N2 conflict
R his own.
Vision Fund’s backers,
particularly Saudi Arabia’s
▪️Public Investment Fund
+ Abu Dhabi’s
▪️Mubadala Investment Co.,
early this year scuttled a $16-billion investment in WeWork that Son had championed.
R his own.
Vision Fund’s backers,
particularly Saudi Arabia’s
▪️Public Investment Fund
+ Abu Dhabi’s
▪️Mubadala Investment Co.,
early this year scuttled a $16-billion investment in WeWork that Son had championed.
SoftBank’s huge bet on WeWork has also caused friction between members of the Tokyo company itself. Although Son has the final say on investments, WeWork is seen internally as the bet of Ron Fisher.
bloomberg.com/news/articles/…
bloomberg.com/news/articles/…
▪️Ron Fisher📌
Boston-based
SoftBank exec +
longtime aide 2 Son.
Fisher, who grew up in South Africa,
was SoftBank’s highest-paid exec,
w $31M in compensation,
in last fiscal yr;
62% more than yr earlier.👈
[while tanking on investments???🤔]
bloomberg.com/news/articles/…
Boston-based
SoftBank exec +
longtime aide 2 Son.
Fisher, who grew up in South Africa,
was SoftBank’s highest-paid exec,
w $31M in compensation,
in last fiscal yr;
62% more than yr earlier.👈
[while tanking on investments???🤔]
bloomberg.com/news/articles/…
2017,
Some Vision Fund employees
were surprised
when instead of persuading Fisher
not 2 invest in WeWork,
unfavorable metrics seemed 2
encourage him, leaving him convinced
tremendous growth lay ahead
4 fledgling company.
🤦♂️
Only know how 2 lose money
latimes.com/business/story…
Some Vision Fund employees
were surprised
when instead of persuading Fisher
not 2 invest in WeWork,
unfavorable metrics seemed 2
encourage him, leaving him convinced
tremendous growth lay ahead
4 fledgling company.
🤦♂️
Only know how 2 lose money
latimes.com/business/story…
Ron Fisher [SoftBank] +
▪️Mark Schwartz,📌
former Asia Pacific chairman at
Goldman Sachs Group Inc.📌
who was appointed 2
SoftBank’s board 2017,
joined WeWork’s board.
latimes.com/business/story…
▪️Mark Schwartz,📌
former Asia Pacific chairman at
Goldman Sachs Group Inc.📌
who was appointed 2
SoftBank’s board 2017,
joined WeWork’s board.
latimes.com/business/story…
WeWork,
lrgst in SoftBank’s RE investments,
serves as linchpin of
Son’s broader RE strategy.
Sectors where SoftBank makes big bets, incl
financial services,
transportation
health
Believes too many small cos
w outdated tech
drag dwn industry,
creating opps 4 bigger + updated.
lrgst in SoftBank’s RE investments,
serves as linchpin of
Son’s broader RE strategy.
Sectors where SoftBank makes big bets, incl
financial services,
transportation
health
Believes too many small cos
w outdated tech
drag dwn industry,
creating opps 4 bigger + updated.
SoftBank has also backed startups such as
▪️brokerage-services provider Compass📌
▪️mortgage lender Social Finance Inc.📌
▪️construction-tech firm Katerra Inc.📌
w belief these cos
*could funnel biz
2 1 another
+ boost growth
in sector overall.
Josh Kushner
KSA Ka$h
🌬️🌬️💨
▪️brokerage-services provider Compass📌
▪️mortgage lender Social Finance Inc.📌
▪️construction-tech firm Katerra Inc.📌
w belief these cos
*could funnel biz
2 1 another
+ boost growth
in sector overall.
Josh Kushner
KSA Ka$h
🌬️🌬️💨
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