by Wolf Richter
Wolf Street
To be honest, the WTF SPAC bubble wouldn’t be complete without a WeWork listing that lets SoftBank get out.
WeWork is at it again – or rather SoftBank, its primary investor and bail-outer. WeWork disclosed in documents shown to prospective investors that it had lost $3.2 billion in 2020, on top of the $3.5 billion it had lost in 2019, for a two-year loss of $6.7 billion, and this isn’t a net loss under GAAP, but based on adjusted earnings before interest, taxes, depreciation, and amortization. The actual net loss under GAAP would be much higher.
The $3.2 billion loss in 2020 also excludes WeWork’s China business whose majority stake it had sold in September 2020.