WeWork lost $3.2 billion last year as Covid-19 shut its co-working spaces around the world, The Financial Times reports, citing the office provider’s pitch for $1 billion in new investment and a stock market listing. Documents shown to prospective investors described losses that narrowed from $3.5 billion in 2019, as WeWork slashed capital expenditure from $2.2 billion in 2019 to $49 million. The documents, which were reviewed by the Financial Times, also show that occupancy rates across the company’s global portfolio fell to 47 percent at the end of 2020, down from 72 percent at the start of the year, before the pandemic hit. Read more.
WeWork Tells Investors it Lost $3.2B Last Year as it Woos Them for SPAC Deal: Report
