WeWork’s board talked to more than 75 financing sources – Business Insider
  • WeWork’s two new CEOs told employees that the board had talked to more than 75 sources “regarding potential financing for the company,” according to a leaked email seen by Business Insider.
  • They did not specify details on whom these 75 sources are or what their interests are.
  • The email comes as the CEOs are trying to bolster morale as employees brace for layoffs.

WeWork’s two new CEOs are trying to reassure employees that its plans to fix its well-known cash-flow woes are proceeding at a record pace as questions arise about the coworking company’s survival. 

“The board of directors is in active discussions with multiple parties regarding potential financing for the company,” according an email viewed by Business Insider that was sent to employees worldwide late last week from WeWork co-CEOs Sebastian Gunningham and Artie Minson. “Since last week, more than 75 financing sources have signed confidentiality agreements to learn more about the business. Over the last week, we have been out of our offices meeting with these sources and our advisors to identify the best path forward.”

The CEOs did not offer details on whom the investors might be. A WeWork representative declined comment on the company’s financing.

Read more: WeWork says it has 527,000 ‘memberships,’ but that’s not as straightforward as it seems

It has been widely reported that WeWork was in talks with its major investor SoftBank and its top bank of choice, JPMorgan, over new financing packages and that each of them would submit proposals. The board is expected to make a decision by the end of this week, sources close to the company told CNBC.

The email comes as the CEOs are trying to bolster morale as employees brace for layoffs.

Multiple employees have confirmed to Business Insider reports that the company may run out of money as early as next month. 

Are you a WeWork insider with insight to share? Contact Julie Bort on Signal at (970) 430-6112 using a nonwork phone, or email at jbort@businessinsider.com. Open DMs on Twitter @Julie188.  You can also contact Business Insider securely via SecureDrop.

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