Japanese tech firm SoftBank (SFTBY - Free Report) is reportedly taking control of office-sharing startup WeWork. WeWork was one of 2019's most anticipated IPOs, but plans quickly fell apart. Its IPO prospectus revealed a $900 million loss in the first half of 2019, and concerns ballooned over the company's corporate governance practices.
Founder Adam Neumann resigned as CEO in September, and the company's main goal has been to raise new capital ever since. Artie Minson and Sebastian Gunnigham have been named co-CEOs of WeWork; both are veterans of the media and tech industries.
SoftBank has invested roughly $10 billion in WeWork to date. Now, it has as much as 70% control of WeWork. The takeover bid values WeWork between $7.5 billion and $8 billion, a stark difference from the $47 billion the company was valued at just six weeks ago.
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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Japanese tech firm SoftBank (SFTBY - Free Report) is reportedly taking control of office-sharing startup WeWork. WeWork was one of 2019's most anticipated IPOs, but plans quickly fell apart. Its IPO prospectus revealed a $900 million loss in the first half of 2019, and concerns ballooned over the company's corporate governance practices.
Founder Adam Neumann resigned as CEO in September, and the company's main goal has been to raise new capital ever since. Artie Minson and Sebastian Gunnigham have been named co-CEOs of WeWork; both are veterans of the media and tech industries.
SoftBank has invested roughly $10 billion in WeWork to date. Now, it has as much as 70% control of WeWork. The takeover bid values WeWork between $7.5 billion and $8 billion, a stark difference from the $47 billion the company was valued at just six weeks ago.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers “Most Likely for Early Price Pops.”
Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.50% per year. So be sure to give these hand-picked 7 your immediate attention.
See them now >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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