WeWork closes additional $2 billion SoftBank investment, announces rebrand
WeWork Cos. announced Wednesday that it has closed a $6 billion investment from SoftBank Group, and also said it's rebranding its name to The We Company. In a joint statement, WeWork said the $6 billion investment includes a previously announced $4 billion funding commitment. On Monday, the Wall Street Journal reported Japan's SoftBank would significantly scale back its investment in the shared office-space provider, scrapping a planned $16 billion investment in favor of a $2 billion one, due to market turbulence and opposition from investment partners. SoftBank has invested a total of $10 billion in WeWork since 2017. WeWork said the latest investment values the company at $47 billion. In the same statement, the New York company announced it was rebranding as The We Company, establishing WeWork, WeLive and WeGrow as distinct business lines. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.