SoftBank has prepared a financing package that would give it control of WeWork
and further sideline its founder Adam Neumann in exchange for relieving the
shared-office startup’s looming cash crunch, according to people familiar with
the matter.
A host of veteran executives and financiers helped fuel WeWork’s spectacular rise and fall, pouring in capital while ceding control to its founder, despite mounting problems.
The round, which totals roughly $35 million, is led by Durable Capital Partners and General Atlantic. The language-learning app is on track to double its annual revenue in 2020 to as much as $200 million.
Airbnb is planning to target a range of around $30 billion to $33 billion when
the home-rental startup kicks off its investor roadshow. DoorDash, meanwhile,
plans to target a range of around $25 billion to $28 billion.
The home-rental company plans to boost the proposed price range of its initial offering to $56 to $60 a share, the latest sign the red-hot IPO market is ending the year on a high note.
The firm that set out to bring investing to the masses has run into the reality of Wall Street, with its tangle of regulations, overseers and byzantine infrastructure.
The lender plans to merge with a blank-check company sponsored by investment
firm Novator Capital, in a deal valuing Better at roughly $7 billion pre-money,
according to people familiar with the matter.
Hedge-fund billionaire William Ackman is nearing a record SPAC deal that would
value Universal Music at roughly $40 billion, people familiar with the matter
said.