Similar Stories to Wework’s Chairman Says It Expects To Have Positive Cash Flow In 2021 on Bing News

Catherine Shu, TechCrunch
Sun, 07/12/2020 - 8:04pm

After aggressive cost-cutting measures, including mass layoffs and selling several of its businesses, WeWork’s chairman expects the company to have positive cash flow in 2021. Marcelo Claure, who became WeWork’s chairman after co-founder Adam Neumann resigned as chief executive officer last fall, told the Financial Times that the co-working space startup is on target to meet its goal, set in February, of reaching operating profitability by the end of next year. Claure is also chief operating officer of SoftBank Group, which invested $18.5 billion in the co-working space, according to leaked comments made by Claure during an October all-hands meeting. SoftBank said in April that it would lose $24 billion on investments, with one of the main reasons being WeWork’s implosion last year.

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Topics:  marcelo claure   adam neumann   financial times   february   october   april   march   cnbc   flatiron school   teem   wing   neumann   ceo   september   ipo   sprint   group s coo   covid-19   wework s    claure   claure    neumann   financial   softbank   wework   expects   positive cash flow   company   billion   year   businesses   layoffs   including   space   officer   resigned   told   operating   chief   co-working   
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