BodyButter
Vital Football Legend
I know a few of us are interested in economics and the like so hopefully this thread will be interesting.
I've been reading up on the WeWork non-IPO. It's amazing stuff and probably the beginning of the end of the second tech bubble.
In August, they wanted to list at a valuation of around $50bn. They then revised that to $24bn and then $10bn before pulling the plug on the IPO. There is all kinds of wrong with WeWork including the now former CEO selling off $700m of stock before the IPO (that didn't happen) and the company losing $2bn last year.
As usual, the people bank rolling these enormous losses are the Japanese bank Softbank. Softbank are the money behind Uber which lost only $1.6bn last year, down from $2.2bn in 2017.
I'd imagine that any tech company looking for investment is going to find the market very cold for a while.
I've been reading up on the WeWork non-IPO. It's amazing stuff and probably the beginning of the end of the second tech bubble.
In August, they wanted to list at a valuation of around $50bn. They then revised that to $24bn and then $10bn before pulling the plug on the IPO. There is all kinds of wrong with WeWork including the now former CEO selling off $700m of stock before the IPO (that didn't happen) and the company losing $2bn last year.
As usual, the people bank rolling these enormous losses are the Japanese bank Softbank. Softbank are the money behind Uber which lost only $1.6bn last year, down from $2.2bn in 2017.
I'd imagine that any tech company looking for investment is going to find the market very cold for a while.