SoftBank : Wework burns through Softbank cash as spending habit mounts

CO-WORKING giant Wework ended last year with $4.4bn (£3.6bn) in cash after burning through almost all of the cash injected by Softbank.

The office space provider reportedly spent $1.4bn in the final three months of last year, nearly all of the $1.5bn funding given by its principal backer Softbank in October.

The Japanese tech group injected the cash last year as part of an emergency funding deal that gave Softbank control of Wework.

In a letter seen by the Financial Times Wework chief Sandeep Mathrani and chairman Marcelo Claure said the flexible office group reported $3.5bn revenue last year, a jump of 90 per cent on 2018.

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