“Having gotten so involved in this, [I think] the core of the business is a really, really good business,” Weinberg said in a “Squawk Box” interview.
From the onset of 2019, WeWork, which provides co-working spaces, looked like it was poised to continue its global growth, with a value at $47 billion, and make its public debut. However, in August, WeWork revealed a $900 million loss in its prospectus, pulled its initial public offering after concerns about a failing valuation and its corporate governance structure, and fired its CEO and top stakeholder Adam Neumann.
Weinberg said WeWork’s special committee of the board brought on his Perella Weinberg Partners in late September to find a “financial solution.”
In the following weeks, as WeWork was poised to run out of funding, it secured a last-minute bailout deal from its biggest investor, Japanese conglomerate SoftBank. Since then, the embattled start-up has fought to cut costs.
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