In August 2019, WeWork filed for an initial public offering; investors in its 14 venture capital rounds were anxious for an exit. Softbank had invested US$6 billion in WeWork, including US$2 billion in the Series H round that valued the firm at US$47 billion; consequently, it hoped for a positive reception from Wall Street. While WeWork had 100 per cent recent sales growth, its net income was US$1.9 billion, and it was on pace to spend over US$5 billion in 2019; it needed capital. WeWork’s chief executive officer met with SoftBank in Tokyo to discuss a “dramatic reduction in its valuation.” Should they proceed with the IPO, even if it required a reduction in its valuation, or should they cancel the IPO and pursue an additional round of private capital?
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