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WeWork Documents Reveal It Owes $18 Billion In Rent And Is Burning Through Cash As It Seeks More Funding

Posted by Kevin Krueger on April 25, 2018
| 26 Comments
  • The office-leasing startup WeWork plans to raise more funding through a $500 million bond sale, according to the Financial Times.
  • It’s the first time the company is raising money from debt investors after it raised billions in venture capital from backers such as SoftBank.
  • WeWork disclosed startling underlying numbers for its business in its bond-sale documents, such as that it owes $18 billion in rent.
  • The company’s revenue rose dramatically last year, but its costs rose faster.

 

  • WeWork is planning to sell $500 million (£358 million) in high-yield notes, per reports from the Financial Times and Bloomberg this week.
  • WeWork owes $18 billion in rent.
  • WeWork is burning cash.
  • It isn’t really about tech startups.
  • A focus on bigger companies means higher occupancy rates.
  • Like other tech CEOs, Adam Neumann controls the company.

http://www.businessinsider.com/wework-500-million-bond-sale-financials-analysis-2018-4

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